XP is proud to mark 4 years of uninterrupted investments by its fully owned subsidiary "Expert Petroleum Ukraine" LLC (EPU), in gas production enhancement project (PEC) to strengthen Ukraine's energy security. Despite all the challenges due to the war, especially for a foreign investor, EPU continues to fulfill all its obligations under the gas production enhancement service contract with the Ukrainian national gas company.
During the last four years of operation in Ukraine, we have invested more than 1 billion UAH (around 25 MUSD) in mature and depleted gas fields to increase Ukraine domestic gas production.
We have conducted a large-scale 3D seismic acquisition (165 sqkm), we have drilled 5 new wells and 1 more is on the way. We have performed more than 80 workover operations on the old well stock, which means we have worked on more than 52% of this stock already. We have upgraded the surface facilities by implementing new technologies such as a well remote monitoring, an automated surfactants supply system and an automatic gas separation system drainage. Furthermore, 13 km of new gas pipelines were installed, six small-size booster compressor stations and three stationary compressor stations were put into operation.
All the above investments made by XP over the last 4 years significantly increase reserves of the depleted fields within the PEC perimeter and their daily production. Today more than 50% of the current gas production from the fields within the PEC perimeter is coming from the above-listed geological and technical measures. We have also significantly reduced their methane emission intensity as per our OGMP*’s commitment and EU regulation.
Finally, to ensure the safety of our 160 employees, an automatic fire alarm system was installed at the main facilities, the fire extinguishing system was upgraded, and personnel shelters have been built on the locations, which is critical for the safety of our field operators.
XP will continue its investment in Ukraine beyond contractual obligations and will remain a reliable partner in such difficult times for the country.
*Oil and Gas Methane partnership
