Ukraine is close to providing itself with its own gas as early as in 2024

Ukraine will be able to provide itself with domestically produced gas as early as in 2024.

Source: Herman Halushchenko, Minister of Energy of Ukraine, in an interview with Reuters 

Quote: "We are close to it (not needing to import gas). It is realistic to reach the zero gas balance this year."

Details: Halushchenko added that in 2023, gas consumption dropped to approximately 19 billion cubic metres.

"But it's important to realise that our consumption has dropped sharply. A lot will depend on how the industry and the economy will develop," the minister explained.

Halushchenko noted that Ukraine could resume significant electricity exports this spring due to the reduction in consumption.

Background: Ukraine has not been buying Russian gas since 2015, importing it from European countries and increasing its own gas production.

In 2021, Ukraine consumed about 27 billion cubic metres of gas, which made it one of the largest fuel consumers in Europe before Russia’s full-scale invasion.

Last month, Naftogaz, the state-owned Ukrainian company, stated that it expected natural gas production in Ukraine to increase by 7% in both 2023 and 2024.

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