The indicated figure is 12% less than net profit for the same period last year due to the increase in operating expenses of the Company for implementation of the program of the gas extraction increase.
Thus, for 9 months of 2018, expenses for depreciation increased by 46%. That gives an opportunity to increase investment in the development of exploration and extraction. The rent costs increased by 8% and costs for exploration, development and exploration of oil and gas deposits increased by 200% in order to increase the extraction.
It is worth noting that Ukrgasvydobuvannya’s production volume in January-September 2018 reached 11 billion 427 million cubic meters of natural gas, which allowed covering production decrease of approx. 700 million cubic meters and exceeding the indicator for the same period of the previous year by 87 million cubic meters.
“The additional income that UHV began to receive for its products after the start of the reform are transformed into an increase in investments and the modernization of the largest state-owned gas producer in Ukraine. The company is investing more today to produce more gas tomorrow, "- noted Oleh Prokhorenko, Chairman of the Board of JSC Ukrgasvydobuvannya.