Approved the winners of 3 PSA tenders

The winners of 3 PSA tenders were approved during the Cabinet of Ministers of Ukraine meeting session.

• York Energy (UK) Holding Limited will develop Ichnyanska block;
• European energy holding EPH (Nafta) will produce hydrocarbons on Okhtyska and Hrunivska blocks.

The next stage is the official promulgation of the Government’s decision and the negotiation process on the harmonization of the texts of agreements between the state and investors.

It shall be recalled, that regards tender conditions, minimal investment commitments into development of three blocks for the first 5 years will be at least $70 million.

"At the moment, the domestic oil and gas industry is going through difficult times due to a record downturn in oil and gas prices, along with the deepening global economic crisis caused by the spread of COVID-19. At the same time, we are witnessing the willingness of international investors to develop Ukrainian subsoil, which is proved by the Government’s approval of the winners of the PSA tenders. Alongside, it is important to accomplish negotiations and sigh production sharing agreements with the winner of 9 PSA tenders as soon as possible. Consequently, it will unlock the development of oil and gas blocks and will grow into a positive signal for the entire business community", said Artem Petrenko, the Executive Director of the Association.