Naftogaz Group and Czech oil and gas company MND have signed a memorandum on cooperation covering oil and gas production projects in Ukraine.

The document was signed during this week’s Carpathian Eight Summit. It concerns MND’s potential participation in three existing production sharing agreements (PSAs) between Ukrgasvydobuvannya, part of Naftogaz Group, and the Government of Ukraine.

MND’s potential participation in the agreements will be subject to the results of the relevant competitive selection process. Initial investment under the three PSAs could start at $60 million.

Despite ongoing Russian attacks on oil and gas infrastructure, we continue working to increase domestic production in Ukraine. We are interested in engaging international partners that can provide investment, modern technologies, and practical expertise,” said Sergii Fedorenko, Acting Chief Executive Officer of Naftogaz of Ukraine.

According to Jana Hamršmídová, CEO of MND Group’s energy division, the company is already helping to build Ukraine’s energy resilience. “We are creating new jobs and bringing new technologies because we believe in Ukraine’s victory,” she said.

The memorandum lays the groundwork for further discussions on the terms of potential cooperation between Naftogaz and MND. If implemented, the projects will attract additional investment in production and help strengthen Ukraine’s energy independence.

About Naftogaz

Naftogaz is the national oil and gas company of Ukraine, which was established in 1998. Headquartered in Kyiv, the company covers a full range of activities in the oil and gas business including: production and refinery; transportation and storage; wholesale trade and distribution as well as technical support.