Ukraine to Sign Gas PSA with Chevron, Exxon, Shell in December

Date : 11/13/2012 @ 7:16AM
Source : Dow Jones News
Stock : Chevron Corp. (CVX)
Quote : 105.6831  -0.3969 (-0.37%) @ 2:37PM

Ukraine to Sign Gas PSA with Chevron, Exxon, Shell in December

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By Andrey Ostroukh

Ukraine plans to sign production sharing agreements with Chevron Corp. (CVX), Exxon Mobil Corp. (XOM) and Royal Dutch Shell PLC (RDSA) to develop shale gas and offshore field in the first half of December, Environment and Natural Resources Minister Eduard Stavitsky said Tuesday, Interfax reported.

"I expect that we will be ready to sign [PSA agreements] on all three contracts in the first 10 days of December," Mr. Stavitsky told a press conference.

Ukraine, which depends on gas deliveries from Russia, seeks to develop its own reserves, attracting funds and technologies abroad. Although the country has for years claimed that it may produce all the gas it needs from offshore fields and shale gas deposits, it imports more than 60% of its gas requirements, mostly from the neighboring Russia.

In May, Ukraine picked Chevron to develop Olessky shale gas field, which has a projected capacity of up to 1.5 trillion cubic meters of gas, while Shell won a tender for Yuzovsky shale field, storing up to 2 trillion cubic meters of gas. Ministers have said they expect to start production of shale gas in 2015.

Exxon Mobil, Shell, Romania's dominant oil company OMV Petrom SA (SNP.RO) and Ukrainian state partner Nadra Ukrayny plan to develop the offshore Skifsky gas field in the Black Sea.

Write to Andrey Ostroukh at andrey.ostroukh@dowjones.com

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