This report assesses the implementation of corporate governance reforms in the hydrocarbons sector in Ukraine, using as a benchmark the OECD Guidelines on Corporate Governance of State-Owned Enterprises. The Review identifies a set of detailed recommendations as priority areas for reform addressed to the state’s role as owner and shareholder in economically important SOEs operating in this sector. It also addresses recommendations to improve the corporate governance of Naftogaz - a vertically integrated state-owned oil and gas company group with extensive operations in the Ukrainian energy sector.