(+9.0%)
The rules for the development of oil and gas fields were approved in 2017, replacing Soviet norms since 1987 and 1971. Over the course of five years, a number of changes were developed and approved in the relevant legislation, including the Law of Ukraine "On Amendments to Certain Legislative Acts of Ukraine on Deregulation in the Oil and Gas Industry" No. 2314-VIII of March 1, 2018. In this regard, the Rules were modernized and brought into compliance with current legal norms.
In particular, procedures for approval and coordination of hydrocarbon development projects were updated, procedures for assessing reserves of oil, gas, and gas condensate, as well as hydrocarbon deposits, were clarified, and opportunities for using advanced technologies and measures to intensify oil or gas production were introduced.
The modernization of the Rules for the development of oil and gas fields and their alignment with current legislation is an important and expected step for the effective operation of the industry. Clear rules in the sector will ensure the rational use of oil and gas reserves.