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Artem Petrenko participated in the 8th International Scientific and Practical Conference "Subsoil Use in Ukraine. Prospects for Investment." During his speech, he emphasized that the subsoil use reform fundamentally transforms the sector, thereby facilitating the attraction of new investments.
"One of the important innovations introduced under Law No. 2805-IX is the right to evaluate reserves and resources according to international standards: UNFC-2009, PRMS, CRIRSCO, and other internationally recognized ones. In particular, the PRMS system allows for an assessment of hydrocarbon reserves from a commercial standpoint and provides investors with truthful information about the volumes worth producing. Importantly, this standard, which international production companies rely on, has finally been introduced in Ukraine," said the head of the AGPU.
He added that the next step after adopting the Law should be the modernization of all subordinate acts to ensure effective operation in the sector. This involves adapting the Classification of Reserves and Resources and its Instruction to modern practices.
"The work in this direction will allow current subsoil users to assess their assets fairly and will stimulate the arrival of new investors to those subsoil areas that are currently not being developed. Hence, both the state and businesses will benefit," Artem Petrenko concluded.
We thank the organizers of the event - the Ukrainian Geological Survey and the State Commission of Ukraine on Mineral Resources for the invitation.