Ukraine Signed Agreement to Develop Black Sea Shelf
OREANDA-NEWS. November 29, 2013. In the presence of the head of state, Viktor Yanukovych the Minister of Energy and Coal Industry of Ukraine Eduard Stavitskiy signed a production sharing agreement with Eni Ukraine Shallow Waters BV, EDF Ukraine Shallow Waters SAS, Chornomornaftogaz and Waters of Ukraine LLC for the development of the Subbotina, Abikha, Mayachna and Kavkazka hydrocarbon blocks of the Black Sea shelf.
"The development of energy infrastructure is a strategic task that is in front of Ukraine, and cooperation with international companies, of course, open up for us new opportunities," Viktor Yanukovych said.
"Improving the energy security of Ukraine, and reduction, I would say the pressure that is on energy issues, securing energy supplies as on the market of Ukraine and as well as promotion of the development of economy of Ukraine - these are goals we have set ourselves in cooperation with our partners," he said.
According to the Minister of Energy and Coal Industry of Ukraine Eduard Stavisky in the first period the investors will invest at least USD 350 million, it will be made 3D- shooting and drilled four wells. "As a part of the project by the end of this decade it is expected to increase the annual oil and gas production by 2-3 million tons of conventional fuel," Eduard Stavitskiy said. He also noted that the investors have the right on 75% of the volume of produced profitable hydrocarbons. Among the companies share divided as follows: Annie - 50% EDF - 5 % Water Ukraine - 35%, Chornomornaftogas - 10 %."