12:54 08.01.2019

Ukraine announces 12 tenders to develop hydrocarbon fields within PSA for 50 years - Cabinet resolution

2 min read
Ukraine announces 12 tenders to develop hydrocarbon fields within PSA for 50 years - Cabinet resolution

Ukraine has announced 12 tenders for signing production sharing agreements (PSA) for the development of hydrocarbon deposits.

The relevant resolutions of the Cabinet of Ministers dated December 18, 2018 were published in the Uriadovy Kurier newspaper on January 5, 2019.

Some 12 fields were put up for auctions, including Hrunivsky, Varvynsky, Rusanivsky, Okhtyrsky, Buzivsky, Zenkivsky, Ivanivsky, Ichniansky, Balakleisky, Sofiyevsky, Berestiansky, and Uhnivsky.

The fields are located in Ivano-Frankivsk, Lviv, Poltava, Chernihiv, Sumy, and Kharkiv regions.

The term of the PSA is 50 years. Applications for participation in the tenders are accepted within three months from the date of publication of the announcement. It is assumed that the state's share in profitable products should be at least 11% of its total volume, the maximum investor's share - 70% of total production (until full reimbursement of investor expenses).

At the first stage of exploration (within five years) the minimum investment in Varvynsky, Ichniansky, Sofiyevsky areas amounts to UAH 1 billion, Hrunivsky not less than UAH 850 million, Rusanivsky, Ivanivsky, Balakleisky not less than UAH 800 million, Okhtyrsky, Buzivsky, Uhnivsky not less than UAH 600 million, Zenkivsky not less than UAH 500 million, and Berestiansky some UAH 450 million.

Tenders on the first ten sites were initiated by the U.S.-Ukraine Business Council (USUBC) and the investment company SigmaBleyzer, and the rest of deposits by Ukraine's Navigator Komplekt LLC.

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