The story
UGV is a subsidiary of a state-owned National Joint-stock company "Naftogaz of Ukraine".
UGV was founded in 1998 by a merger of gas extracting divisions of SC "UkrGasProm" and some other Ukrainian gas extracting companies.
The National Anti-Corruption Bureau of Ukraine has charged (former member of the Ukrainian parliament) Oleksandr Onyshchenko as the founder and head of a criminal organization, allegedly whose members in the period from January 2013 to June 2016 stole funds during the production and sale of natural gas under joint venture agreements with UkrGasVydobuvannya.
Reforms and development
In 2015, a new management was appointed in an open competition, which began the process of reforming the company. The Chairman of the Board since June 2015 is Prokhorenko Oleg. As part of the fight against corruption, UkrGasVydobuvannya is one of the leaders in the electronic public procurement system ProZorro.
2016: production was stabilized and increased - +47 million m3 in 9 months; the process of modernization of its own fleet of drilling rigs has begun; the practice of outsourcing drilling services has been launched and the market for international companies was opened.
2017: the results of this year were achieved through the implementation of an unprecedented campaign to increase natural gas production.
2018: the results of the year were completed through the campaign to increase natural gas production at existing fields.
2019: the successful production program was launched.
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2020: the company signed the Ukraine's first-ever product enhancement contract (PEC) facilitated by REDCLIFFE Partners law firm.
At the end of February 2019, UkrGasVydobuvannya entered into an agreement with DeGolyer and MacNaughton Corp. (USA) based on the results of the tender on the assessment of its hydrocarbon reserves, in particular, hydrocarbon reserves of 157 deposits and 49 promising areas with the distribution of priority for further development. The estimated cost is ₴20.25 million.
From Wikipedia’s article on Ukrgasvydobuvannya, shared under CC BY-SA 4.0.4