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Naftogaz pushes for German investments in Ukraine’s gas exploration

Naftogaz CEO Oleksiy Chernyshov and State Secretary of the Federal Chancellery of Germany, Jörg Kukies, held an online meeting on Wednesday (1 March) to discuss, among others, state guarantees for German energy companies operating in the Ukrainian market during the war, engaging German experts to analyse Naftogaz projects, and supplying German equipment to support the operations of Ukrainian companies.

The CEO of Naftogaz highlighted the importance of Ukraine’s gas production in the context of Europe’s security of supply and encouraged German companies to consider participating in the Ukrainian gas production projects.

“Enhancing Ukrainian gas production would contribute to decreasing the EU’s reliance on Russian natural gas and reinforcing the energy security of its member nations. To facilitate this objective, the German government should explore the possibility of providing financial assistance and other financial assurances to German companies considering participation in Ukrainian gas production projects,” said Oleksiy Chernyshov.

Both sides also discussed the needs of Ukraine’s oil and gas sector amid ongoing hostilities associated with Russia’s full-scale invasion.

Another issue discussed at the meeting was the integration of renewable energy into Naftogaz’s operations. “It has been a year since the start of the full-scale invasion of Ukraine. We have managed to survive, but the war is ongoing, and we require the assistance of Germany, one of our key partners. Our primary focus is on procuring equipment for sustainable hydrocarbon production. We are also keen to leverage the expertise of the German oil and gas sector to evaluate Naftogaz’s projects,” said the Naftogaz CEO.

Whilst promoting greater cooperation in natural gas exploration, Mr Chernyshov also highlighted his company’s commitment to the green transition, including the implementation of a new renewable energy project during the ongoing war and exploring a new hydrogen production project with German stakeholders.

“Despite the ongoing war, Naftogaz remains committed to its renewable energy strategy. We have successfully completed five projects, one of which was implemented during the past year of the war. We are currently exploring new opportunities, including a hydrogen production project in partnership with the German company RWE. We are also open to partnering with other German companies on wind energy, biomethane production, and biomass heat generation projects,” Mr Chernyshov highlighted.

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