26.10.2021

Gas production since the beginning of the year – 16 045 266 thcm

Weighted average price of natural gas (resource of October) – 21 943 UAH/thcm excluding VAT (100% prepayment terms)

TTF – 88.77 EUR/MWh ($1084) (+3.1%)

PEG – 89.00 EUR/MWh ($1086) (+2.5%)

CEGH – 88.40 EUR/MWh ($1079) (+2.1%)

THE – 87.84 EUR/MWh ($1072) (+2.4%)

PRMS - the way to attract investment in the oil and gas industry

17/09/21

On September 16-17, Poltava hosted the VIII International Industry Forum, which brought together leading experts of the gas production industry for a discussion of hot button issues. During his speech, the Executive Director of the Association Artem Petrenko admitted the high value of establishing of an international assessment of hydrocarbon reserves and resources in Ukraine.

“It’s been a long time ago for the world’s leading producing countries to implement and work according to PRMS (Petroleum Resources Management System) evaluation. Ukraine needs to follow their example and move towards international standards. It will create great circumstances to attract investment in the hydrocarbon production sector and, accordingly, will increase the production of domestic natural gas “, said Artem Petrenko.

He outlined the necessary legislative changes for Ukraine:

  • approval of draft Law No. 4187, which envisages many deregulation initiatives, including the right to be assessed according to international standards,
  • removal of the “implementation” of the protocol of the SCMR,
  • settlement of the issue of SCMR “monopoly”,
  • changes to the legislation on the classification of reserves and resources and the use of international evaluation standards.

The Association of Gas Producers of Ukraine, with joint efforts of governmental bodies and deputies, is actively running to resolve these issues as soon as possible, so further, Ukraine would finally move to international standards.

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