Horyzonty

What Horyzonty does

TOV "Horyzonty" (ТОВ "Горизонти") is a vertically integrated Ukrainian natural gas extraction and supply company operating in Lviv Oblast. Founded on 27 November 2009 and wholly owned by Czech-registered AT MND Ukraine a.s. (a subsidiary of the Karel Komarek-controlled MND Group), the company produces natural gas from 22 producing wells across five licensed fields: Berehivsky (3 wells), Hirsky (19 wells), Bunivska, Pivdenno-Hirska (opened 2025), and Typivske. The infrastructure base includes approximately 50 km of internal gathering pipelines (shleify) connecting wells to three gas preparation units — UPG Berehivsky, UPG Bystrytsia, and PZV Hirsky HR — and the company conducts 3D seismic exploration (Zhukivska area 2024, Typivsky 2023, Hirska 2021) to identify new drilling targets. As of 2025, headcount stands at 52 employees.

The business model is extraction and direct sale of natural gas to Ukrainian industrial and residential consumers under the Law on the Natural Gas Market. Industrial contracts are priced on a freely negotiated, market-based per-cubic-meter basis — UAH 23,300 per thousand cubic meters at January 2026, with monthly variation — while residential supply is regulated at UAH 7.80/m³ (effective September 2020). Production rose from 67 million m³ in 2024 to 136 million m³ in 2025, driven by new well commissioning and scaling at the Typivske field (101.42 mln m³ of 2025 output). Proven balance reserves total approximately 4,949 million m³ across Hirsky (1,399 mln m³), Typivske (3,363 mln m³), and Berehivsky (187 mln m³). Distribution occurs through the Ukrainian Gas Transportation System operated by state-owned Operator GTS, with 2025 transportation costs of UAH 72.3 million.

In 2025, consolidated net revenue reached UAH 2.44 billion (continuing operations: UAH 723.5 million) with net profit of UAH 1.33 billion (vs. UAH 169 million in 2024) and cash on hand of UAH 788 million. The balance sheet is exceptionally liquid (current ratio 15.66; equity UAH 2.61 billion). Industrial customers dominate revenue — the three largest customers contributed 64% of 2025 revenue (down from 73% in 2024). In 2025, Horyzonty acquired 100% of TOV "Ukrainian Independent Geological Company" (an active gas extraction license holder) and divested Tynivske (Lviv Oblast) and Zhukivske (Poltava Oblast) field assets to related MND Group entities TOV "MND Tynivske" and TOV "MND Zhukivske" as part of intra-group restructuring.

Name

Horyzonty

Legal name

Товариство з обмеженою відповідальністю "Горизонти"

Website

https://horyzonty.net.ua

Company type

Private

Founded year

2009

Operating status

Operating

Headcount range

11–50 employees

Short description

TOV Horyzonty is a Ukrainian natural gas extraction and supply company operating 22 wells across five licensed fields in Lviv Oblast. The Czech MND Group subsidiary doubled production to 136 million cubic meters in 2025 and sells gas directly to industrial and residential consumers.

Ownership category

akta.pro rank

Product category

Natural Gas Extraction and Supply

NAICS

Natural Gas Extraction (21113), Oil and Gas Extraction (211)

SIC

Oil & Gas Field Exploration Services (1382)

akta.pro primary industry

Mineral Rights, Leasing & Land Management (EUALAAAB)

akta.pro secondary industry

Well Construction & Completion Services (Cementing, Casing, Tubular Running) (EUALABAC)

Keywords

• Natural gas extraction
• Gas production
• Hydrocarbon exploration
• Upstream gas operations
• Gas supply services

Headquarters

HQ city

Lviv

HQ country

Ukraine

HQ region

Europe

Offices2 records

Markets served

GTM type

B2B

Offering type

Services

Cost components

Operations, Infrastructure, Personnel, Supply Chain

Revenue model

1. Natural Gas Sales: Primary revenue stream from direct sale of extracted natural gas to industrial and residential consumers. Industrial pricing is market-based, determined per contract. Residential pricing is regulated at 7.80 UAH/m³ (from 01.09.2020). Net revenue from sales (continuing operations) was UAH 720.6 million in 2025; total net revenue including discontinued operations was UAH 2.44 billion.
2. Gas Transportation Services: Revenue from providing gas transportation services through the Ukrainian Gas Transportation System. Tariffs are regulated.
3. Other Services: Minor revenue from other services (UAH 2.9 million in 2025).

Pricing tiers

Go-to-market motion2 records

Distribution channels2 records

Marketing channels1 record

Core offering

Horyzonty is a vertically integrated natural gas extraction and supply company operating 22 producing wells across five licensed fields (Berehivsky, Hirsky, Bunivska, Pivdenno-Hirska, Typivske) in Lviv Oblast, Ukraine. The company extracts natural gas from its own production fields and supplies it directly to industrial enterprises under freely negotiated market-based contracts, while also serving residential consumers at a regulated price of 7.80 UAH/m³.

Product overview

ТОВ «Горизонти» is a natural gas extraction and supply company with a unified product offering focused on natural gas supply services. The company operates several gas fields (Берегівське, Гірське, Південно-Гірське, Бунівське) and provides gas supply to industrial and household consumers. The core service is natural gas supply, with no separate product modules or add-ons.

Differentiator

Problem solved

Functional benefit

Products and services

• Natural Gas Supply to Industrial Consumers

Quantifiable outcome

• Natural gas extraction doubled from 67 million m³ (2024) to 136 million m³ (2025)
• +4 more outcomes

Named customers2 records

Segments2 records

Ideal customer profiles2 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature3 records

Partnerships

Eight partnerships are on record, tiered core and minor.

• TOV Operator gazotransportnoi systemy UkrainycoreTechnology or IntegrationState-owned operator of Ukraine's Gas Transportation System. Horyzonty uses the GTS for transport of extracted natural gas. In 2025, transportation costs were UAH 72.3 million for 136.3 billion cubic meters transported.
• AT UkrtransgazcoreTechnology or IntegrationGas storage services provider. Horyzonty paid UAH 3.2 million for injection capacity, UAH 1.3 million for working gas volume, and UAH 0.9 million for withdrawal capacity in 2025.
• TOV MND TynivskeminorOthersAffiliated company within the MND Group in Ukraine. In H2 2025, Horyzonty sold assets related to Tynivske field in Lviv Oblast to this related party as part of group restructuring.
• TOV MND ZhukivskeminorOthersAffiliated company within the MND Group in Ukraine. In H2 2025, Horyzonty sold assets related to Zhukivske field in Poltava Oblast to this related party as part of group restructuring.
• TOV Ukrainska Nezalezhnaya Geologichna KompaniaminorOthers100% owned subsidiary of Horyzonty (acquired in 2025). Holds an active gas extraction license. Contributes to the group's reserve base and production capacity.
• TOV Geologichne byuro LvivminorOthersRelated party under common control within the MND Group in Ukraine. Activities include geological services supporting Horyzonty's exploration operations.
• TOV Prykarpatska Energetychna KompaniaminorOthersRelated party under common control within the MND Group in Ukraine. Also owned by MND a.s. as of 31.12.2025.
• TOV Nexia DK Audit (Neksia DK Audit)minorOthersIndependent auditor. Audit firm code 32409677, registration #3150. Issued qualified opinion on 2025 financial statements due to uncertainty around asset retirement obligation discount rates. Audit report dated 08.04.2026.

Scale indicators9 records

Recent moves10 records

Expansion highlights5 records

Direct peers

• Geo Alliance Group: Privately-held Ukrainian gas production group operating multiple fields across western Ukraine. Comparable because Geo Alliance is one of the closest privately-held Ukrainian gas E&P peers with similar size, regulatory environment, and B2B sales model.
• JKX Oil & Gas: London-listed upstream company with producing gas fields in Ukraine (historically Poltava Oblast). Comparable to Horyzonty as a publicly-disclosed Ukrainian gas E&P operator with similar regulatory exposure, customer mix (industrial + residential), and IFRS reporting.
• Naftogaz Group: National Oil & Gas Company of Ukraine and the country's dominant upstream gas producer. Comparable because both operate domestic gas extraction and supply in Ukraine under the same Law on the Natural Gas Market, supplying industrial and residential consumers through the GTS.
• BGV Group Management: Private Ukrainian gas producing group with onshore fields in western Ukraine. Comparable because BGV Group operates Ukrainian gas extraction and supply as a private domestic producer alongside Horyzonty, addressing overlapping industrial and household customer segments.
• KUB-Gas: Ukrainian gas producer with operated fields historically controlled by Serinus Energy. Comparable because KUB-Gas operates producing gas wells in Ukraine supplying the domestic market under the same regulatory and pricing regime as Horyzonty.
• Ukrnafta: Ukraine's largest oil producer and a significant gas producer operating onshore Ukrainian fields. Comparable to Horyzonty as a domestic upstream E&P operator selling hydrocarbons to Ukrainian industrial customers under similar regulatory and pricing frameworks.
• DTEK Oil & Gas: Private Ukrainian gas E&P business controlled by DTEK Group, producing natural gas from Ukrainian fields for domestic supply. Closely comparable to Horyzonty as a privately-held, vertically integrated Ukrainian gas producer focused on industrial offtake.
• Smart Energy: Ukrainian gas producing group with assets in Kharkiv and Poltava oblasts, listed on the London Stock Exchange's AIM market. Comparable because Smart Energy operates producing gas wells in Ukraine with a similar GTS-based offtake model to industrial and residential consumers.

Regional players

• Enwell Energy (formerly Cadogan Petroleum): UK-listed upstream group with historically Ukrainian and Polish gas assets. Comparable as a regional Central/Eastern European gas E&P operator exposed to similar wartime Ukraine operating conditions, regulatory regimes, and European gas pricing dynamics.

Broad incumbents

• MND a.s. Czech Republic-based E&P parent company (100% owner of MND Ukraine a.s., which in turn owns Horyzonty). Comparable as the broader MND Group operates gas exploration and production across Central Europe, providing investment capital and technical capabilities that Horyzonty draws upon.

Market position

Strengths4 records

Weaknesses5 records

Competitive moat4 records

Key risks6 records

Key highlights7 records

Customer concentration

• LinkedInlinkedin.com/company/horyzonty

Revenue estimate

Valuation estimate

Number of profiles

Profiles1 record

Subsidiaries4 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A1 record

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Horyzonty