Switching to electronic online auctions, the State Geology Service unexpectedly sold an oil and gas exploration permit for 4.3 times the expected price.
Friday, October 26, 2018

Switching to electronic online auctions, the State Geology Service unexpectedly sold an oil and gas exploration permit for 4.3 times the expected price.

Switching to electronic online auctions, the State Geology Service unexpectedly sold an oil and gas exploration permit for 4.3 times the expected price. Previously, critics say, permits were sold in backdoor deals, often to companies unqualified to develop the fields. But, faced with a potential cutoff of Russian gas supplies in 2020, the government now is moving to transparent online auctions, planning to hold monthly contests in 2019. On Thursday, in bidding on two fields in Lviv region, UkrGazVydobuvannya, got in a bidding war against two rivals for the largest field. UGV won with a $540,000 bid.

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