Ukrainian energy company Ukrnafta announced on Monday (9 October) that it is inviting investment and extraction companies for joint development of 21 deposits across Ukraine, 10 deposits in the west and 11 in the east.
The company plans to “fully develop” the potential of its existing deposits with sufficient reserves but low extraction rates, thus it “expects” partners to be ready to invest funds and technology in exploration and extraction, the company said in a press release.
“If we talk about the 2P category reserves – that is, proven and probable reserves – it is more than 12 million tons of oil and over 31 billion cubic meters of gas,” said Serhiy Koretskyi, Director of Ukrnafta.
Contracts have already been prepared according to the “highest global standards,” with preference to be given to Production Sharing Agreements. Ukrnafta is offering its own existing deposit and the right to use the existing production infrastructure, while it expects investors to develop a deposit development plan for the intensification of extraction and financing of corresponding works.
With Ukrainian state-owned Naftogaz as its majority shareholder (50 per cent + 1 share), Ukrnafta is the largest producer of oil in Ukraine.