Ukraine’s state-owned gas giant Naftogaz Group has proposed 10 projects focused on energy extraction and efficiency under the US-Ukraine mineral deal.
The mineral deal, which allows US investors access to Ukraine’s energy and mineral wealth, was signed in May 2025.
The fund will target projects in energy, infrastructure and critical minerals extraction. Its goal is to finance three projects by the end of 2026, Ukrainian Prime Minister Yulia Svyrydenko said.
Naftogaz CEO Sergii Koretskyi, without disclosing project details for security reasons, told Bloomberg that Naftogaz wishes to be “among the first projects in the pipeline.”
Koretskyi also encouraged Western partners to use existing licenses rather than waiting for new agreements or approvals, the media outlet wrote.
According to Bloomberg, Naftogaz is seeking investors to develop the Oleska field in western Ukraine.
Over a decade ago, Royal Dutch Shell and American Chevron launched shale gas exploration projects in Ukraine but pulled out in 2014 after Russia annexed Crimea and started its war in the east of the country.
The Oleska field in western Ukraine, where Chevron had planned to operate, is now available, Koretskyi told Bloomberg.
“If Chevron, which is very deep in this topic, in this project, or any other companies that have experience in developing shale gas pay attention to this project in Ukraine’s west, we would be very happy,” he told Bloomberg.
Naftogaz races to secure Ukraine’s winter energy
Ukraine holds some of Europe’s largest gas reserves, according to NATO’s Energy Security Centre of Excellence.
Naftogaz has suffered from Russian air strikes on its facilities, including natural gas extraction and storage sites, as Russia’s full-scale war enters its fourth year.
According to Koretskyi, the strikes destroyed 42% of daily output earlier in 2025, forcing Ukraine to plan imports of 5.8 billion cubic meters of gas – nearly half of the 13.2 billion cubic meters it needs to stockpile before the heating season.
He said Naftogaz remains optimistic it will meet the target, however.
Approximately one-tenth of the need is met by the US via Polish Orlen. Now, Naftogaz is talking to US producers about direct contracts.
“There are American and Canadian companies, as well as firms from other countries, with experience in conflict zones,” Koretskyi told Bloomberg. “It is not a quick process, but if we don’t start, we won’t reach any results.”
As of Sept. 14, natural gas reserves in Ukraine’s underground storage facilities (UGS) have surpassed last year’s levels, reaching 12.055 billion cubic meters (425.7 billion cubic feet), according to data from consulting agency ExPro.
The figure is marginally higher than the 12.05 billion cubic meters (425.5 billion cubic feet) recorded on the same date in 2024, an increase of approximately 0.05%.
Despite the minimal increase, it nonetheless marks an important milestone in Ukraine’s race to fill its gas reserves ahead of winter after a string of Russian attacks that destroyed the country’s critical energy infrastructure.
This month, the US and Ukraine made their first $150 million equity commitment – $75 million each – into the US-Ukraine Reconstruction Investment Fund, created under the framework of the mineral deal signed in May.
An equity commitment is a promise to invest money in a company or fund in exchange for an ownership stake, rather than a loan or grant.