Ukraine will end heating season with 9.5 bcm of natural gas in underground storages - says energy minister

Ukraine’s natural gas storage facilities held 9.5 billion cubic meters (bcm) of gas as of July 1, 2024, according to Naftogaz Group CEO Oleksiy Chernyshov, marking the conclusion of the 2023–24 heating season. This volume excludes 566 million cubic meters (mcm) of buffer gas, meaning total reserves surpassed 10 bcm. Chernyshov emphasized that gas injection into storage facilities proceeded as planned, with 710 mcm injected in June 2024—a 17% decline compared to June 2023. Since the injection season began on March 31, approximately 1.88 bcm of gas had been added to underground storage by July 1.

The CEO noted that Ukraine’s ability to rely on domestic gas reserves during the 2023–24 heating season was a historic first, underscoring the country’s growing energy security. For the upcoming 2024–25 heating season, Naftogaz aims to accumulate at least 13 bcm in storage facilities, which Chernyshov stated would suffice to meet domestic needs. He also highlighted ongoing efforts to boost domestic production, balancing requirements for heating and electricity generation.

These developments reflect Ukraine’s strategic shift toward self-sufficiency in natural gas, reducing dependence on external supplies. However, the 17% year-on-year decline in June’s gas injections suggests potential challenges in maintaining injection rates amid evolving operational and geopolitical conditions.