15:36 15.12.2014

Presidential administration official confirms Chevron plans to withdraw from Oleske field

2 min read
Presidential administration official confirms Chevron plans to withdraw from Oleske field

Deputy Head of the Presidential Administration of Ukraine Valeriy Chaly has confirmed that Chevron, a U.S. oil and gas company, plans to withdraw from a project developing the Oleske field

"There is information that they plan to make this decision," he said at a press conference at the presidential administration on Monday in Kyiv.

Chaly believes that projects similar to this should continue, and that the government can do a lot of work in investing in and supporting these projects.

He stated that today many projects agreed on before the crisis face difficulties, and there are problems, in particular in Donbas, which are hard to overcome in the short term.

"There are signals. Today we’ve discussed the issue, and I think that work will be carried out to retain investment and infrastructure projects, and projects in the energy area which require political decisions," Chaly said.

A source in the government earlier told Interfax-Ukraine that Chevron decided unilaterally to leave the project on the development of Oleske shale gas field.

On November 5, 2013, Ukraine, Chevron Ukraine B.V. and Nadra Oleska LLC signed a production sharing agreement (PSA) on the extraction of fossil fuel at the Oleske field (Lviv and Ivano-Frankivsk regions).

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