11:08 27.11.2017

Court suspends decision of geology authority to suspend Ukrgazvydobutok's license

1 min read
Court suspends decision of geology authority to suspend Ukrgazvydobutok's license

Kyiv's district administrative court has declared grounded the petition of private joint-stock company Ukrgazvydobutok, part of Smart Energy, and suspended the decision of the State Service for Geology and Deposits of Ukraine that suspended the company's deposit use license.

The press service of Smart Energy said that the ruling was issued on November 23, 2017.

"Based on the court decision, the company plans to resume operation of wells in the near future and, thereby, to prevent damage to deposits. Currently, the relevant work is being carried out," the press service said.

According to the company's experts, during the forced idle period from November 17 to 23, 2017, the volume of gas that was not produced by the company amounted to about 2.2 million cubic meters and that for condensate - 70.2 tonnes.

"Thus, the budget will not receive more than UAH 4 million of tax payments, which the company would have paid from the mentioned volume of gas and condensate. In addition, the volume of gas that was not produced will need to be compensated at the expense of the imported resource," the company said.

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