Oil and gas production sharing agreements – key lures for foreign energy companies to come to Ukraine – will be announced in coming weeks by the Cabinet of Ministers

Oil and gas production sharing agreements – key lures for foreign energy companies to come to Ukraine – will be announced in coming weeks by the Cabinet of Ministers, Yaroslav Petrov, an energy lawyer for Asters, said Monday at the Energy Week forum. Separately, Rada member Nataliya Katser-Buchkovska highlighted two more changes to motivate foreign investors: electronic auctions of oil and gas licenses and a new revenue sharing system with local governments. Noting that private companies account for only 20% of Ukraine’s gas production in Ukraine, or 4 billion cubic meters, she said: “This market has very big prospects. Ukraine has more than 1 trillion cubic meters of reserves.”