PJSC Ukrnafta has extended the deadline for searching for partners for joint development of oil and gas fields until March 1, 2024.

"Taking into account the fact that not all potential partners had time to familiarize themselves in detail with the capabilities of 21 fields (10 fields are located in the west and 11 in the east of Ukraine) and in order to ensure conditions for a transparent process for submitting and considering applications, the management of Ukrnafta decided to extend the deadlines receiving applications,” the company said in a press release on Wednesday.

When considering applications, the company will give preference to product sharing agreements, which allow for the full potential of fields with sufficient reserves but low production rates.

As the company informed, as of the end of December 2023, some 25 companies were already interested in cooperation, including both Ukrainian and companies from seven countries in Europe and North America.

“These are specialized investors, service, investment (in particular, several international consortiums) and consulting companies,” noted Ukrnafta.

According to the company, 2P category reserves, that is, proven and probable reserves of fields, access to which Ukrnafta offers potential partners, amount to more than 12 million tonnes of oil and more than 31 billion cubic meters of gas.

Ukrnafta offers the deposit and the right to use the existing mining infrastructure. The partner must develop a plan for the development of production intensification and provide financing and technology.

“After a thorough assessment of all proposals received, negotiations will be held and winners will be selected separately for each field. The production sharing agreement must be finally approved by the Cabinet of Ministers of Ukraine,” the company explained.

Profitable products will be distributed between Ukrnafta and partners according to agreed terms.