Ukrnafta increases oil and gas production in October 2019

“In October 2019, PJSC Ukrnafta produced 128.5 thousand tonnes of oil and condensate and 98.26 million cubic meters of gas, 3.2 % and 2.3% up respectively compared with the relevant indicators in October 2018, and 3.9% and 2.3% more against September 2019,” reads the report.

Daily production rates increased similarly up to 4.15 thousand tonnes per day for oil and condensate and 3.17 million cubic meters per day for gas.

The company noted that while increasing production, Ukrnafta faced the problem with the sale of oil at the state-run auctions. Since the beginning of this year, due to the absence of buyers, 9 of the 16 auctions have failed.

 “It negatively impacts the company’s ability to invest in its business development. Also, the company’s development is limited by the unresolved issue of overdue tax debt,” reads the report.

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