16:14
15.10.2025
Natural gas and oil production in Ukraine remains promising, primarily in view of the subsoil deal concluded with the United States, since large volumes of American investments can be attracted to these areas, believes the former head of NJSC Naftogaz Ukrainy and advisor to Beiken Energy Ukraine Andriy Kobolev.
“Gas production remains promising. We signed an agreement with the U.S. regarding our minerals. We are interested in using this agreement to attract the largest possible volumes of American investment to Ukraine. I can confidently say that these large volumes can only come from gas or oil,” Kobolev said during Business Breakfast with Volodymyr Fedorin on Wednesday, which was broadcast on YouTube.
He explained that extracting other minerals, particularly rare earth metals, requires lengthy processes to mitigate investment risks.
“Anyone who says that we are unique in Ukraine and do not need to do this is incompetent. We need to go through all the stages, which are carried out sequentially. As they say, nine women cannot give birth to a child in one month; it still takes nine months. Here, it takes nine years. We have several projects that have passed the first stage, but it still takes years. The oil and gas sector is an exception,” Kobolev noted.
He also emphasized that the minerals agreement is the most promising way to increase Ukraine’s cooperation with the United States and the Donald Trump administration.
“Oil and gas are areas where there is now a real chance to spark a revolution. In fact, I would say that we can bring the shale revolution from America to Ukraine,” emphasized the former head of Naftogaz.
He noted that the United States has the technology for this and that Ukraine can accelerate the process of shale gas production by unifying three ministries under the Ministry of Economy, which includes environmental and agricultural areas.
“Consolidating all functions into one ministry makes this state body the most appropriate for overcoming the traditional obstacles to gas development. If we change the regulations and attract American investors, then we can really create a renaissance in Ukraine’s oil and gas sector,” believes Kobolev.
At the same time, he emphasized the importance of protecting facilities from Russian attacks. He noted that the military is taking certain measures to do so. He also noted that the Russians have not yet attacked fields under development.
“The question remains: What should be done about Russian strikes? I think it is appropriate to discuss this issue with the military. As far as I know, they are actively addressing this issue. It seems to me that they have a solution. However, the Russians have not yet shown much interest in attacking fields under development,” the former Naftogaz head explained.