Ukraine Proposes First Energy Projects Under US Resource Deal
Ukraine proposes its first energy projects under the resource deal with the US, aimed at strengthening the economy during the war and attracting foreign investment in extraction and energy efficiency.
The Gaze reports on it, referring to Bloomberg.
Ukraine’s state-run Naftogaz is proposing ten energy projects under the US resource deal to support its wartime economy, with three slated for implementation by 2026, backed by a $150 million Reconstruction Investment Fund shared with the US.
The projects include resuming field development, using existing licenses, and attracting international investors, particularly companies with experience in shale gas development. Among these potential projects is the Oleske field in western Ukraine, which was previously developed by Chevron and is now available for new investment.
“If Chevron, which is very deep in this topic, in this project, or any other companies that have experience in developing shale gas pay attention to this project in Ukraine’s west, we would be very happy,” said Naftogaz CEO Sergii Koretskyi.
According to experts, Ukraine has some of the largest gas reserves in Europe, making these projects strategically important.
At the same time, Naftogaz is facing the consequences of Russian airstrikes on its facilities, which destroyed 42% of daily gas production and are forcing the country to import about half of its gas needs, including from the US through the Polish company PKN Orlen.
Serhiy Koretsky emphasized that attracting experienced international investors will allow the company to implement more projects, support the economy, and meet Ukraine's defense needs during the war.
“There are American and Canadian companies, as well as firms from other countries that have experience in working in those regions where wars or military conflicts were going or are going,” he said. “Of course, it is not a quick process, but if we don’t start it, we won’t reach any results.”
The Gaze earlier reported that a U.S. investment delegation, alongside Ukrainian officials, has already visited potential mineral extraction and processing sites in central Ukraine’s Kirovohrad region, including the Birzulivsky Mining and Processing Plant and the Likarivske deposit. The visit focused on titanium, zirconium, and rare earth metals like hafnium, which are important for defense, aerospace, and high-tech industries.
Read more on The Gaze: Lithium Production: Ukraine’s Chance to Strengthen Europe’s Resource Independence