Ukrainian oil and gas giants will jointly extract hydrocarbons.

Ukrnafta and Ukrgazvydobuvannya will collaborate on joint oil and gas production in license areas where one company owns the production permits and the wells belong to the other.

Currently, consultations are ongoing to determine the areas where it is possible to deploy these projects. Companies are also analyzing the necessary technical and regulatory issues to move into practical operation.

Ukrnafta General Director Serhii Koretskyi says that the cooperation between the two state-owned mining companies will make it possible to bring several wells into operation and resume hydrocarbon production.

In addition, the companies are considering the possibility of joint ground infrastructure use, exchanging geological data on adjacent license areas, and discussing potential joint exploration and development of oil and gas fields.