Economic commentator Mykhailo Schneider stated that, during Serhiy Koretskyi’s tenure, «Ukrnafta» had fallen significantly short of a number of targets set out in the company’s strategic plan. Some of the actual financial data he cited is confirmed by publicly available financial statements; however, he compares specific targets with the company’s internal strategy.
• Mykhailo Schneider stated that «Ukrnafta» was lagging significantly behind its strategic targets.
• In 2025, the company made a net profit of 5.6 billion hryvnias.
• Production in 2025 increased by 3,39% in oil equivalent.
• The company’s new-generation projects are currently being implemented.
• «Ukrnafta» has secured EBRD funding to build dozens of megawatts of new capacity.
Schneider compared Ukrnafta’s results with its strategic plan
Schneider states that the company’s performance figures have diverged significantly from the targets set out in Ukrnafta’s Strategic Development Plan for 2023–2027.
According to his figures, the plan for 2026 envisaged reaching 2.8 million tonnes of oil production and 1.8 billion cubic metres of gas. He also sets out the financial targets for 2025 — UAH 233 billion in net revenue and UAH 45 billion in profit.
The existence of the strategic plan for 2023–2027 is confirmed by an official report from the supervisory board of «Ukrnafta», which mentions its review, approval and subsequent amendments. However, detailed tables containing all the targets mentioned by Schneider have not been published in the company’s publicly available materials; therefore, these figures should be presented precisely as data provided by the analyst.
What the company’s actual financial statements reveal
The financial results for 2025 can be checked separately. «Ukrnafta» ended the year with UAH 99.6 billion in turnover and UAH 5.6 billion in net profit. The company’s financial statements were audited by the international audit firm KPMG.
By way of comparison, in 2024, net profit amounted to approximately 16.4 billion UAH, and in 2023 — 23.6 billion UAH. In other words, between 2023 and 2025, total net profit exceeded 45 billion hryvnias.
At the same time, the claim that production itself is falling requires clarification. According to official figures from «Ukrnafta», in 2025 oil and gas production in oil equivalent terms rose by 3.39% compared with 2024. Oil production increased by 3,77%, whilst gas production rose by 2,86%. The company also drilled 25 new wells, compared with 10 the previous year.
So, Schneider’s statement does not refer to a reduction compared with the previous year, but rather, in his estimation, to, the shortfall in actual production compared with the planned level.
What happened to the self-generation project?
The commentator also drew attention to Ukrnafta’s plans to create approximately 1 GW of in-house electricity and heat generation capacity and energy storage systems by 2028. This target had previously been publicly stated by Duncan Nightingale, the chairman of the company’s supervisory board.
This project is currently still in the implementation phase. In June 2026, Ukrnafta received a grant from the EBRD €44.6 million, and, together with the previously secured preferential financing of €80 million, the funds are to be allocated to distributed generation projects amounting to approximately 62–63 MW.
In August, the head of «Ukrnafta» Bogdan Kukura He stated that the company expects to commission part of these 63 MW as early as 2026. Separately, the company has begun preparatory work on a project for a gas-fired combined heat and power station with a capacity of approximately 250 MW.
Therefore, the statement regarding the absence of already commissioned capacity refers to the current status of project implementation, but does not imply that no work is being carried out in the area of power generation.
Investors were sought for 21 fields
In 2023, «Ukrnafta»did indeed propose to its partners that they work together on the development" 21 oil and gas fields — 10 in the west and 11 in the east of Ukraine. The company reported that dozens of potential partners had expressed an interest.
In 2024, the company’s Executive Vice-President, Denis Kudin, had already reported on applications from six companies for the joint development of 15 fields and the preparation of the terms for potential cooperation. Schneider’s assertion that there were «roughly zero» investors involved is therefore his own assessment, rather than a verified figure based on the number of applications or negotiations.
Following Koretsky’s move from «Ukrnafta» to «Naftogaz», and subsequently to the post of Prime Minister, the issue of the effectiveness of his previous work took on a political dimension. On 16 July 2026, the Verkhovna Rada appointed Serhiy Koretskyi as head of government, and in August the Cabinet of Ministers submitted its programme of action to parliament.
At the time of preparing this article, we were unable to find any specific public response from «Ukrnafta» addressing the claims made by Schneider.
