Ukrainian Authorities Approve Shale Gas Agreement with Chevron

October 31, 2013

The Ukrainian government has approved a production sharing agreement with Chevron regarding shale gas production in the regions of Lvov and Ivano-Frankovsk, environment minister Oleg Proskuryakov has said.
The agreement will be signed at an international business forum in Kiev on November 5, said the minister. Commenting on the agreement, Prime Minister Nikolay Azarov said Chevron would invest USD 350mn in shale gas exploration. All in all, USD 10bn will be invested in the project.
Azarov added that 10,000-15,000 jobs would be created during the exploration of the Olesskaya field. It is expected that 8bn-10bn of gas will be produced at the block each year.
Copyright: ProNedra, 2013