Ukraine, Chevron sign shale gas agreement

Ukraine has signed a production-sharing agreement with Chevron Corp. and the country’s state-owned Nadra Oleska for shale gas production at Oleske field in western Ukraine, Worldwide News Ukraine reported. Chevron said the field covers 1.6 million acres. Nadra Oleska and Chevron will receive equal shares in the deal.

In January, Ukraine signed a PSA with Royal Dutch Shell PLC for the Yuzivske shale gas field, a move that aligns with the government’s initiative to reduce dependence on Russian gas (OGJ Online, Jan. 25, 2013). As part of the deal, Shell is required to give 31-60% of produced gas to the country. Shell received exploration rights for Yuzivske in September 2012 (OGJ Online, Sept. 7, 2012).

The country has made an effort in recent years to attract foreign investments in its upstream sector by altering its tax and legal framework. In addition to Chevron and Shell, Italy’s Eni SPA and ExxonMobil Corp. have received PSAs from Ukraine (OGJ Online, June 3, 2013).

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