Oil and gas

On Saturday, October 25, the National Electricity Regulatory Commission (NERC) – Ukraine's main energy regulatory body – approved a price hike for Ukrainian gas consumers, which is an average rate of 35%. As announced by NERC Head Valeriy Kalchenko, the new tariffs take effect as of December 1, 2008.

On October 21, 5.7 thsd mt of crude oil were sold at Resources Auction 122, which took place on the floor of the Ukrainian Interbank Currency Exchange.

Ukrnafta [UNAF UZ, Strong BUY] plans to sell 216.5 thsd mt of oil and 12.6 thsd mt of gas condensate at the Ukrainian Energy resources Auction 122 on October 21.

Ukrnafta [UNAF UZ, Strong BUY] announced that an AGM will take place on December 02. According to Ukrainian News, the meeting’s agenda is packed with important items.

Oleh Dubina, the CEO of Naftohaz of Ukraine, hopes that the natural gas price for Ukraine does not exceed USD 300 per thsd cbm in 2009.

Concern Galnaftogaz [GLNG UZ, Speculative BUY] has disclosed its selected consolidated IFRS 1H08 results.

In August, Ukrnafta [UNAF UZ, Strong BUY] extracted 256.4 thsd mt of oil and natural gas condensate (-6.6% YoY, -0.8% MoM), as well as 261.5 mln cbm of natural gas (-6% YoY, -0.2% MoM), according to Ukrainian News.

The AGM of Ukrnafta [UNAF UZ, Strong BUY], scheduled for today, failed.

On August 21, 222.6 thsd mt of crude oil were sold at Resources Auction 120, which took place on the floor of the Ukrainian Interbank Currency Exchange. According to official UICE information, the average price of oil was UAH 3,878 per mt, or USD 95.8 per bbl (excluding VAT, at USD/UAH 4.6005).

Ukrnafta [UNAF UZ, Strong BUY] reported, in an official press release, the launch of an oil and gas well that is currently the most productive in Ukraine. The well’s parameters: oil, 170-250 tpd (60-90 thsd tpa); gas, 140-250 thsd cbm per day (50-90 mln cbm per annum).