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Naftogaz and MND to jointly unleash the hydrocarbon potential of Ukraine’s under-explored areas

Ukraine’s oil and gas company Naftogaz and Czech group MND, specialised in crude oil and natural gas production, signed a Memorandum of Understanding about potential cooperation in the field of geological exploration and hydrocarbon production in the areas in the west of Ukraine.

The parties consider this as a promising region, where the unlocking of the resource potential will help to stabilise the energy situation in Ukraine and improve the energy security of Europe.

“We continue to attract international partners to increase Ukrainian gas reserves, without waiting for the war to end,” said Oleg Tolmachev, Director of the Naftogaz Exploration and Production Division. “Moreover, in the context of Russia’s energy blackmail, this question acquires even greater relevance. I am confident that our cooperation with MND Group will ensure the development of new opportunities to reduce Europe’s dependence on Russian energy carriers. The Carpathian region has been the focus of our activities earlier. Now it is one of the safest regions where we can launch new projects.”

“We are happy to support Ukraine in such a difficult period and join new projects on hydrocarbon production development,” added Jana Hamršmídová, Energy Division Director of MND Group. “After all, the issue of Europe’s energy security is something that our future depends on.”

MND has many years of experience in the production of hydrocarbons in the Czech Republic and since 2014 has been engaged in exploration and production at five oil and gas fields in Ukraine. The companies plan to combine their knowledge of the Western Region to unleash the potential of under-explored areas.

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