Chevron Appreciates Transparency of Ukraine's Tenders

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• Publié par: worldwide-news-ukraine
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• Langue: English

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Chevron Appreciates Transparency of Ukraine's Tenders

PR Newswire KYIV, Ukraine, September 27, 2012

KYIV, Ukraine,September 27, 2012/PRNewswire/ --

President of Chevron North America Harry Luckett noted that his company was glad to have participated in tenders for extraction of hydrocarbons inUkraine. While talking to the President ofUkraine, Viktor Yanukovych, inNew York, he appreciated the transparency of the procedures and expressed hope that Chevron andUkrainehad great perspectives in oil and gas-industry cooperation.

Chevron won the bid for the right to develop Ukrainian shale gas field Oleske (westernUkraine) inMay 2012. By the end ofAugust 2012the American company provided the Cabinet of Ministers ofUkrainewith a draft agreement regarding the distribution of the extracted gas. According to the draft, within the period of three years Chevron will investUSD 350 millionin gas exploration inUkraine, said the Minister for Ecology and Natural Resources ofUkraine, Eduard Stavytskyi, who is also inNew York. InMay 2012Royal Dutch Shell received the right to develop Ukrainian shale gas field Yuzivske, and the two sites are set to provideUkrainewith up to 10 percent of domestically consumed natural gas by 2020. InJune 2012Stavytskyi stated that Shell decided to provide the Ukrainian government with a bonus of USD 400 million- on top of a 30-percent share in the profits from the hydrocarbon production. While inNew York, President Yanukovych discussed cooperation with the president of another energy giant - ExxonMobil Exploration. The meeting with Stephen Greenlee concerned questions ofUkraine'sfurther cooperation with Exxon. InAugust 2012an Exxon-led consortium won access to oil and gas reserves at the Ukrainian deep marine shelf field Scythian under the Black Sea. American ExxonMobil, Dutch-British Royal Dutch Shell, Romanian OMV Petrom, and Ukrainian state company Nadra will unlock the underwater deposits at the 16,698-square-kilometer Scythian field. Commercial production at the Scythian field may start in six to eight years and reach three to four billion cubic meters of gas annually, informedThe Financial Times. The group led by Exxon will invest hundreds of millions into gas production in Ukraine. The right to sign a 50-year production agreement with the Ukrainian government will cost the consortiumUSD 300 million, while the bid itself stipulates investment ofUSD 400 millionduring the initial phase of the exploration.