A Ukrainian oil and gas company is seeking investors to develop 21 fields.

Ukrainian state oil and gas extracting company Ukrnafta is looking for partners for 10 fields in the west of Ukraine and 11 in the east. The company emphasizes that these are studied deposits with sufficient reserves but low production rates.

“Proven and probable reserves amount to more than 12 million tons of oil and more than 31 billion cubic meters of gas,” said Ukrnafta director Serhiy Koretskyi.

Potential partners must invest money in technology, exploration, and production. Product sharing agreements will be preferred. This means that the investor receives the right to search, explore, and extract minerals in a specified subsoil area at his own expense and risk in exchange for receiving a reward from a part of the production.

Ukrnafta’s contribution will be the deposit and the right to use the existing mining infrastructure, and the partner’s contribution will be a detailed plan for the deposit’s development, increased production, and financing for operations.