DTEK Oil & Gas raises revenue by 70% due to higher production and gas prices in H1 2021

KYIV. Sept 17 (Interfax-Ukraine) – DTEK Oil & Gas, which is responsible for the oil and gas business in DTEK Group, increased its revenue by 70% in January-June 2021 compared to the same period last year, to UAH 5.437 billion, and received UAH 3.029 billion of net profit, the group’s communications department said, citing unaudited consolidated interim financial statements.

The company’s revenue growth was explained by a sharp increase in natural gas prices in European markets, as well as an increase in natural gas production by 10% compared to the first half of 2020. An additional factor that influenced the net profit in the reporting period was the strengthening of the national currency and the receipt of income from exchange rate differences.

According to reports, the company paid taxes to the budgets of all levels in the amount of UAH 2.3 billion for the six months of this year, which is 54% more than in the same period in 2020.

Among the main investment projects in the first half of 2021, the company singled out the beginning of drilling well No. 58 at Machukhske field, the completion of drilling well No. 79 at Semyrenkivske field, the construction of the second stage of the Semyrenky booster compressor station and a block refrigeration unit at Machukhske field.

As reported, in 2020, DTEK Oil & Gas increased natural gas production by 10.8% compared to 2019, to 1.84 billion cubic meters, transferred UAH 2.7 billion in taxes to state and local budgets.