Lessons drawn from more than four years of armed conflict have enabled Ukraine to maintain robust natural gas preparations for the approaching winter, even as persistent Russian strikes on energy infrastructure signal what could be the country's most challenging heating season to date, according to Serhiy Fedorenko, acting CEO of state-owned oil and gas company Naftogaz.

Fedorenko shared his assessment in an interview with Platts, part of S&P Global Energy, conducted on July 29.

Storage Targets on Track

Ukraine is well positioned to meet its goal of stocking 14.6 billion cubic meters (Bcm) of gas by winter. As of August 1, storage facilities were filled to approximately 13.1 Bcm, according to data compiled by S&P Global Energy CERA. That figure includes cushion gas needed to operate the storage sites, estimated at 4–5 Bcm.

Ukraine's underground gas storage system is among the largest in Europe, with total capacity exceeding 30 Bcm. For years, European traders used Ukrainian caverns to store gas during the summer for winter withdrawal, making the country a seasonal supply buffer for the wider region. Those cross-border storage arrangements have taken on new significance following the expiration of the Russia-Ukraine gas transit agreement at the end of 2024, which ended the flow of Russian pipeline gas through Ukrainian territory for the first time in decades.

The improvement over the previous year is notable: by the same date in 2025, Ukraine had only 9.6 Bcm in storage, CERA data showed.

Separately, Gas Infrastructure Europe's latest figures indicated that working Ukrainian gas stocks totaled 94.2 terawatt-hours (8.9 Bcm), representing 29.4% of the country's overall storage capacity.

Leadership Change and Production

Fedorenko assumed the leadership role in July after Naftogaz's previous CEO, Serhiy Koretsky, was appointed Ukraine's prime minister. Citing security concerns, Fedorenko declined to disclose specific production figures but noted that Naftogaz brought 140 new gas wells online in 2025.

Domestic production gains are critical because Ukraine no longer receives gas of Russian origin via pipeline. The 140 new wells represent part of a broader national effort to replace formerly imported volumes with indigenous supply.

Imports Down Sharply

Gas imports have fallen significantly year on year. During the second quarter of 2025, Ukraine imported a net average of 13.2 million cubic meters/day (MMcm/day). In the same quarter of 2026, that figure dropped to just 800,000 cubic meters/day, according to CERA data.

Net average imports in the third quarter of 2026 have also remained well below 2025 levels, at 1.4 MMcm/day compared with 23.3 MMcm/day during the same period a year earlier.

Escalating Attacks on Energy Infrastructure

The preparations are unfolding against a backdrop of intensifying Russian strikes on Naftogaz facilities. The company reported 279 attacks in 2026 as of July 28, already surpassing the 229 recorded across all of 2025.

"Every day we have one to three attacks," Fedorenko said. The tally encompasses all Naftogaz sites, not solely gas installations. This year, the company has also observed a new pattern of strikes targeting its fuel retail stations.

"We are not keeping big volumes of oil, big volumes of oil products in Ukraine because of the military threats," Fedorenko added.

The acceleration underscores a broader pattern documented by international monitors: since the full-scale invasion, Russian forces have repeatedly targeted thermal power plants, gas infrastructure, and electricity networks, aiming to undermine civilian resilience during winter months.

Conservative Approach to Exports and Finances

Despite CERA data showing that Ukraine's gas stocks are at their highest levels in recent years, Fedorenko ruled out sending gas to other countries in the near term. Kyiv has banned gas exports since 2022, and the acting CEO said he does not favor lifting that restriction soon, warning that future attacks could severely disrupt production as colder weather sets in.

That cautious stance extends to financial planning. Naftogaz is preparing for winter under a "worst-case scenario," Fedorenko said. Even with international support, the company still faces a financing gap of "hundreds of millions of Euros" under that outlook, though he acknowledged the situation is fluid.

Still, he struck a resolute tone about the months ahead.

"It will be a very tough fight — very tough, even tougher than previous [winters]," Fedorenko said. "But we will win."

European Gas Market Context

European gas prices have lingered near recent highs amid sustained supply disruptions linked to the conflict in the Middle East. Platts assessed the month-ahead Dutch TTF gas index at €58.49/megawatt-hour on July 31.

Ukraine's storage surplus, while not available for export under the current ban, adds to a broader European inventory picture. EU storage sites were more than 85% full entering August 2026, according to Gas Infrastructure Europe data, though concerns about refill speed and winter demand persist across the continent.

LNG Expansion Plans

Looking beyond immediate winter preparations, Naftogaz is working to expand its LNG activity through traders and direct agreements with exporters. Fedorenko said the company expects to build an LNG portfolio of up to 2 Bcm/year in the "midterm."

For roughly the next two years, Naftogaz's priority remains supplying Ukraine domestically, though that focus could shift as the company's strategy evolves.

"If we are going into some long-term [LNG] contracts, we should be flexible and be aware of how we should use this gas not only in Ukraine," Fedorenko said.

The company's primary focus for building this portfolio is on US exporters.

"Our midterm goal is to rely on direct contracts with all the current and future biggest suppliers of US LNG," he said.

Ukraine's energy ministry announced on July 25 that the country is also in intergovernmental discussions with Canada about sourcing Canadian LNG.

When asked whether increasing LNG imports could make associated tankers targets for further attacks, Fedorenko offered a sobering assessment: given the ongoing wars in Ukraine and the Middle East, oil and gas companies should now regard all of their assets as potential targets.

Source: Platts, S&P Global Energy