Ukrnafta, a major oil producing company, is preparing a lawsuit in the London Court of International Arbitration for the return of wells from joint activity agreements (JAA).
The director of Ukrnafta Serhii Koretskyi announced this in an interview with Forbes, Ukrainian News Agency reports.
"Indeed, there are JAAs because of which Ukrnafta, in my opinion, seriously lost. For some reason, the best wells with the highest production rate were withdrawn to these JAAs. Now we are returning these wells in court. There will be a lawsuit in the London Court of International Arbitration for one of the biggest JAAs," he said.
According to Koretskyi, the company's strategic goal is to double production in the next 5-7 years.
'It's an absolutely realistic scenario. If Ukrnafta drilled one or two new wells in previous years, then this year we are already doing nine, and we are planning 30 the next one. The plan for 2025 is 50-60. We will also undertake operations to intensify existing wells and restore liquidated ones with the help of new technologies. Ukrnafta has more than 5,000 such wells. Now we are studying them, we plan to determine at least 10%, which are promising and economical to restore,” "he said.
As Ukrainian News Agency earlier reported, Ukrnafta finished the 1st half of 2023 with a profit of UAH 14.1 billion.
Previously, the shares of the companies Motor Sich, Ukrnafta, AvtoKrAZ, ZTR, and Ukrtatnafta were alienated into the property of the state during the period of martial law.
Subsequently, the assets may be returned to their owners, or their value may be reimbursed.
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