Wednesday, May 22, 2024
HomeOil & GasLargest Ukrainian oil producer invites investors for joint development of deposits
Powered by

Largest Ukrainian oil producer invites investors for joint development of deposits

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.

Sign up for our newsletters

    Monthly newsletter – Delivering the most important energy stories of the month selected by our Editor-in-chief
    Weekly Oil&Gas roundup - All major news about the oil and gas industry, LNG developments, the upscaling of new gases and related EU regulations arriving in your mailbox every Monday.
    Weekly Renewables&Climate roundup - All major news about investments in renewable energy sources, environment protection, green hydrogen and new innovative ways to tackle the climate crisis arriving in your mailbox every Tuesday.

    Most Popular