Scaling a PEC project is an important component of Naftogaz's intentions to increase production

Oleksandr Romanyuk, during his speech in the panel on expanding investment opportunities in Eastern Europe, drew attention to the issue of conventional fields' depletion and spoke about the plans to improve the efficiency of their development and, in particular, scaling up of the PEC projects.

"During the independence of Ukraine, only two newly discovered fields with really large volumes of hydrocarbon reserves can be mentioned – Kobzivske and Yuliyivske. Most of the company's other major assets were discovered over 30 years ago. Today, they have an ultra-high level of depletion. To effectively manage such assets, last year we launched a pilot PEC project to increase production efficiency. Our partner in this project is Expert Petroleum," the Director of the Exploration and Production Division said.

Naftogaz plans to scale the PEC project. Work is already ongoing to prepare about 20 depleted fields for the tender. This will free up resources and increase Naftogaz's focus on growing reserves on strategic assets – the Black Sea, new PSA areas, and the Carpathian region. And, certainly, to accelerate the intensification program in the existing depleted areas, by attracting new solutions and technologies.