Naftogaz will collaborate with a global company - what will be extracted.

Naftogaz of Ukraine and Baker Hughes have entered into a strategic partnership for joint exploration and extraction of oil and gas resources.

What Naftogaz and Baker Hughes agreed upon

The memorandum between the companies provides for joint projects in the fields of extraction, transportation, storage, and processing of oil and gas, as well as exploring new market opportunities.

• The partners plan to jointly develop technical, operational, and commercial solutions for oil extraction and processing.

The agreement also includes directing efforts towards geothermal projects, carbon capture technologies, and electricity generation.

What else is worth knowing

In addition, the Hungarian company Mol plans to restore the Odessa-Brody oil pipeline in Ukraine, which will allow oil to be supplied from various countries to Hungary. However, significant investments and support from the EU and other countries are needed for this.

Ukraine extracts oil in various regions of the country, with the largest reserves in three oblasts. There are nearly a hundred types of oil with different characteristics, affecting its price.

The Ukrainian Naftogaz and the American company Baker Hughes have entered into a partnership agreement for joint work in the oil and gas extraction industry, providing for the joint development of technologies and solutions in these fields. The partnership is also focused on geothermal projects, the use of carbon capture technologies, and electricity generation. Cooperation with Mol in the restoration of the Odessa-Brody oil pipeline will open new opportunities for oil supply to Hungary; however, this project will require investments and international support for its successful implementation.