19/10/2021 – Event / Energy / Gas / Ukraine Gas Investment Congress / (UGIC)
Shaping Ukraine’s energy future
As Europe enters an historical phase of energy transition, Ukraine Gas Investment Congress (UGIC) will provide a platform for efficient co-operation; a showcase for new concepts and solutions; and a hub to explore the role of the cleanest-burning fossil fuel in the continent’s energy future.
As Ukraine rolls out its strategy to deliver energy independence by 2030, UGIC 2021 is expected to drive the conversations, connectivity and partnership opportunities – for investors, technology innovators and international energy companies alike – to accelerate development and modernisation of the country’s gas assets and rich reserves.
With an anticipated spend of US$20–30bn in foreign direct investment required over the next decade – and with the second largest gas reserves in Europe, coupled with a powerful gas transit and storage capacity – Ukraine is strategically placed to play a key role in Europe’s energy security over the coming years.
In redefining Ukraine’s energy future, carbon neutrality is one of the long-term objectives of state-owned Naftogaz’s 2025 strategy. This puts Ukraine on the right path to improving co-operation with the EU in terms of climate-conscious energy projects and Europe’s Green Deal vision to achieve net zero emissions by 2050.
Driving Ukraine’s development potential
Yuriy Vitrenko, CEO of Naftogaz, emphasises his group’s commitment to the state’s energy security – and moreover notes that, as one of the largest energy companies in Eastern Europe, Naftogaz is ready to assume a leading role in meeting the region’s energy needs. “Ukraine has huge hydrogen development potential, and we strive to become a driver behind the development of this potential,” he advises. “Ukraine’s robust infrastructure and geographical location allow us to talk about potentially large volumes of hydrogen exports to European markets. Currently, we are one of the largest gas producers in Europe, with annual production of 14bcm. Naftogaz has gas assets that will allow for an increase of reserves to 600bcm.”
Exploration and development of new areas in the Black Sea, along with unconventional and deep gas deposits, feature in Naftogaz’s forward-looking plans. Implementation will require an estimated investment of more than US$20bn billion over the next decade; it will also require innovation and mature technologies, notes Mr Vitrenko, who said his firm would be “open to partnerships to deliver new projects with the best possible results”.
“As initiator of the Ukraine Gas Investment Congress, Naftogaz participates in creating a platform for efficient co-operation, searching for new concepts and solutions, and joint actions for reliable and safe energy,” he added.
“Huge investment potential”
Ukraine boasts huge investment potential in the field of gas production, and ranks second among European countries: according to the latest estimates of the BP Statistical Review of World Energy, more than 1.1 trillion cubic metres of natural gas reserves are concentrated in our country. Yet today, Ukraine produces just 2.4 per cent of natural gas per year from total reserves. According to Mr German Galushchenko, Ukraine’s Minister of Energy, this presents significant opportunities for domestic and foreign investors to intensify natural gas production and fully realise the economic potential of the industry.
“We are interested in the rapid development of new technologies, in combining efforts to provide the economy with energy resource, increase energy efficiency, and strengthen energy security of Ukraine and across the region,” he advised.
“The Ukrainian Gas Investment Congress is a great opportunity to unite world leaders in the energy sector within a single platform, to form a common vision of the future gas sector, identify common interests and mutually beneficial forms of co-operation,” Minister Galushchenko added.
Gathering global energy leaders
Hosted in-person in Kyiv from 20-21 October 2021, the Ukraine Gas Investment Congress will gather global leaders from the energy value chain to discuss and create commercial business and partnership opportunities to deliver a secure energy future.
Across the two-day event, more than 1,000 attendees will hear from over 30 speakers across eight high-level conference sessions.