11:37 29.11.2017

Delay with deregulation, large fiscal burden complicate implementation of gas production plan of 27 bcm in Ukraine - expert

KYIV. Nov 29 (Interfax-Ukraine) – The delay with deregulation and existing large fiscal burden on gas producing companies complicate the implementation of the plan to reach 27 billion cubic meters (bcm) of gas production in Ukraine in 2020, DTEK Naftogaz CEO Ihor Schurov has said.

"A lot of time has been lost. If we were heard much earlier and there were no these obstacles in the form of increasing royalties in 2015 and other regulatory changes, 27 bcm in 2020 is more than a realistic and achievable figure," he said at a press conference at Interfax-Ukraine on Tuesday.

According to him, even with the adoption of the required bills in December, companies would need some time to prepare investment programs and plans to increase drilling volumes.

"We should not wait for a miracle next year. We will only start reviewing our investment plans. We will only start designing and preparing for drilling new wells that we will drill in 2019 and 2020. Of course, we are trying to reach the figure of 27 bcm. We are striving for a larger figure, but we need a systemic approach to this," Schurov said.

As reported, the development concept of the Ukrainian gas sector envisages boosting gas production in the country to 27 bcm by 2020, in particular, 20 bcm by state-owned enterprise Ukrgazvydobuvannia.

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