Тhe role of Ukraine in ensuring energy security in Europe

Executive Director Artem Petrenko participated in an industry conference in Slovakia dedicated to energy security in the region and the industry's technical challenges. The event was organized by the Slovak Gas and Oil Association (Slovenský plynárenský a naftový zväz).

During his speech, the head of the AGPU emphasized that the full-scale Russian invasion of Ukraine has led to seismic shifts in the gas market in Europe and the world:

"Last year's swift actions by EU member states, consumption reductions, and supply diversification allowed us to successfully navigate the winter, minimizing our dependence on Russian gas. This year's situation looks even more optimistic: as of mid-June, European underground gas storages are filled to 72%, and we expect them to reach full capacity by early September. Uninterrupted resource deliveries have stabilized prices, and the market is gradually returning to normal functioning”.

Even today, as Ukraine fights an external enemy and endures daily rocket attacks, we can and are ready to strengthen Europe's energy security. More opportunities will arise after our victory.

• Ukraine's gas storage facilities are among the largest in the EU. Currently, we can offer European partners capacities for storing up to 10 bcm of gas, potentially increasing to 15 bcm after de-occupation.

• Ukraine's GTS (Gas Transmission System) is one of the most powerful and extensive in the world. Currently, the transit of Russian gas is at a record low, and the risk of a complete shutdown is high. Optimizing and modernizing the gas transportation system will protect domestic consumers, and in the future, the GTS could be used for hydrogen transportation.

• Gas balance reserves are estimated at over 700 bcm. Depending on foreign companies' expertise, they can choose one or several directions: ultra-deep drilling, development of hard-to-recover deposits, partnership in renewable energy projects, exploration, and production sharing agreements (PSA), acquisition of special licences via e-auctions, and more.

You can find the presentation by Executive Director Artem Petrenko during his speech at the industry conference in Slovakia at the following link: http://surl.li/icfjt

We thank the Slovak Gas and Oil Association for the invitation, event organization, and their support of Ukraine!