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    Four Companies Bid for Acreage Offshore Ukraine

Summary

The country has plans to reduce imports of gas, most of which today originates in Russia.

by: William Powell

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Natural Gas and LNG Latest & Breaking News, Europe, Corporate, Exploration & Production, Political, News By Country, Ukraine

Four Companies Bid for Acreage Offshore Ukraine

Azeri state contractor Caspian Drilling Company is among the four bidders for an offshore block, Dolphin, being auctioned under a production-sharing agreement by the government of Ukraine, said the association of Ukrainian oil and gas producers June 13.

The other three companies were domestic and privately owned Ukrnaftoburinnya; Frontera Resources, the US comapny active elsewhere in the former Soviet Union, including Georgia; and Trident Acquisition, a US gas investment company jointly with Irish San Leon, most of whose business is now in Nigeria.  

The minimum work programme requirements include $55.5mn of investment, and drilling of at least five exploration wells. Ukraine's gas production offshore was hit severely by Russia's control of Crimea. The western side of the Black Sea is however prospective, with large gas finds made offshore Romania.