Ukrnafta received applications from six foreign companies for the joint development of 15 fields.

Ukraine’s largest oil and gas mining company, Ukrnafta, received a letter of intent from six companies regarding the joint development of 15 fields out of the 21 it had proposed for investment in 2023, said the company’s top manager, Denys Kudin. According to him, the most extensive investment offer in one field is $100M, and the smallest is $7M.

The negotiations should be completed by the end of the year. So far, Ukrnafta has approached about 200 companies, of which more than 50 responded, and 35 companies have passed compliance requirements. Kudin said foreign companies are ready to work in Ukraine despite the war.

“Mostly, these are mid-level private companies. They are ready to invest $50-60-100M,” he noted.

In his opinion, it is necessary to invest approximately $10-15B in oil production over 10 years to reach annual production volumes of 10 million tons, ensuring Ukraine’s energy independence.

Meanwhile, Ukrnafta has started drilling a new exploratory well in western Ukraine to a depth of 2,754 meters, with a projected initial throughput of 16 tons of oil per day.