Naftogaz considers signing gas storage deals with potential companies in March 2024. Credit: mosswoodconnections from Pixabay.

Ukrainian oil and gas company Naftogaz is preparing to sign new gas storage agreements with German energy traders in March 2024, reported Reuters, citing the company’s CEO, Oleksiy Chernyshov.

The move comes as the company looks to boost the amount of natural gas stored in the country’s underground facilities.

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Speaking at the World Economic Forum in Davos, Switzerland, Chernyshov indicated ongoing discussions with German energy companies including RWE and Uniper. The company also plans to visit Germany to present the proposals.

Chernyshov said: “We could attract major players in Ukraine even during the war… We are expecting German brands to gather.”

Ukraine has expressed readiness to allocate up to half of its 30 billion cubic metres of gas storage capacity to foreign traders, reported the news agency.

Currently, non-resident users have approximately 2.5 billion cubic metres of gas in storage facilities in Ukraine.

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In 2023, European gas traders began utilising Ukrainian storage to capitalise on lower prices and available capacity, despite the risks posed by the Russia-Ukraine war.

In November 2023, Naftogaz, through its subsidiary Ukrgasvydobuvannya (UGV), discovered what it claims to be a ‘promising’ new natural gas deposit in the west of the country, following the drilling of a new well.

The new discovery was made in the Carpathians, in a field that the company considered exhausted.

At that time, UGV acting general director Oleg Tolmachev said: “The western region of Ukraine has great potential for new hydrocarbon deposits, which is confirmed by the experience of neighbouring countries.

“We are now intensifying our activities in this region, in particular with regard to the introduction of new technologies and the attraction of investments.”