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Ukraine to sign Gas PSA with Chevron, Exxon, Shell in December

BY  ANDREY OSTROUKH

Ukraine plans to sign PSA with Chevron, Exxon Mobil and Shell to develop shale gas and offshore field in the first half of December, Environment and Natural Resources Minister Eduard Stavitsky said. "I expect that we will be ready to sign PSA agreements on all three contracts in the first 10 days of December," Mr. Stavitsky told a press conference.

Ukraine, which depends on gas deliveries from Russia, seeks to develop its own reserves, attracting funds and technologies abroad. Although the country has for years claimed that it may produce all the gas it needs from offshore fields and shale gas deposits, it imports more than 60% of its gas requirements, mostly from the neighboring Russia. In May, Ukraine picked Chevron to develop Olessky shale gas field, which has a projected capacity of up to 1.5 Tcm of gas, while Shell won a tender for Yuzovsky shale field, storing up to 2 Tcm of gas. Ministers have said they expect to start production of shale gas in 2015.

Exxon Mobil, Shell, OMV Petrom and Ukrainian state partner Nadra Ukrayny plan to develop the offshore Skifsky gas field in the Black Sea.

Dow Jones Newswires

11/15/2012

 

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