12:53 31.12.2020

Ukraine signs PSA on seven oil and gas sites

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Ukraine signs PSA on seven oil and gas sites

Production sharing agreements at Sofiyivsky, Ugnevsky, Balakliysky, Ivanivsky, Zinkivsky, Buzivsky and Berestyansky hydrocarbon sites were signed on Thursday in the presence of Prime Minister of Ukraine Denys Shmyhal, the communications department of the government secretariat said on the Cabinet's website on December 31.

"For the first time, the government signs production sharing agreements at seven gas-bearing areas with the winners of open and transparent auctions. This is a very successful case that will attract at least UAH 12 billion in gas production. The state, in addition to investments, will receive hundreds of new highly paid jobs, a significant share from the extracted resource and significant tax revenues," said the prime minister.

Tenders for the conclusion of the relevant agreements were held in 2019.

According to the concluded production sharing agreements, Ukraine for a certain period transfers the right to a private investor to conduct prospecting, exploration and production of minerals in a specific area. The investor, for his part, undertakes, at his own expense, to carry out the assigned work with subsequent compensation of expenses and receipt of payment in the form of a part of the profitable product.

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