Economic commentator Mykhailo Schneider stated that, during Serhiy Koretskyi\u2019s tenure, \u00abUkrnafta\u00bb had fallen significantly short of a number of targets set out in the company\u2019s 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\u2019s internal strategy.<\/p>\n
Schneider<\/strong> states that the company\u2019s performance figures have diverged significantly from the targets set out in Ukrnafta\u2019s Strategic Development Plan for 2023\u20132027.<\/p>\n 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<\/strong>. He also sets out the financial targets for 2025 \u2014 UAH 233 billion in net revenue and UAH 45 billion in profit<\/strong>.<\/p>\n The existence of the strategic plan for 2023\u20132027 is confirmed by an official report from the supervisory board of \u00abUkrnafta\u00bb, 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\u2019s publicly available materials; therefore, these figures should be presented precisely as data provided by the analyst.<\/p>\n The financial results for 2025 can be checked separately. \u00abUkrnafta\u00bb ended the year with UAH 99.6 billion in turnover and UAH 5.6 billion in net profit<\/strong>. The company\u2019s financial statements were audited by the international audit firm KPMG.<\/p>\n By way of comparison, in 2024, net profit amounted to approximately 16.4 billion UAH<\/strong>, and in 2023 \u2014 23.6 billion UAH<\/strong>. In other words, between 2023 and 2025, total net profit exceeded 45 billion hryvnias.<\/p>\n At the same time, the claim that production itself is falling requires clarification. According to official figures from \u00abUkrnafta\u00bb, in 2025 oil and gas production in oil equivalent terms rose by 3.39%<\/strong> 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.<\/p>\n So, Schneider\u2019s 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<\/strong>.<\/p>\n The commentator also drew attention to Ukrnafta\u2019s plans to create approximately 1 GW of in-house electricity and heat generation capacity and energy storage systems by 2028<\/strong>. This target had previously been publicly stated by Duncan Nightingale, the chairman of the company\u2019s supervisory board.<\/p>\n This project is currently still in the implementation phase. In June 2026, Ukrnafta received a grant from the EBRD \u20ac44.6 million<\/strong>, and, together with the previously secured preferential financing of \u20ac80 million, the funds are to be allocated to distributed generation projects amounting to approximately 62\u201363 MW<\/strong>.<\/p>\nWhat the company\u2019s actual financial statements reveal<\/h2>\n
What happened to the self-generation project?<\/h2>\n