The three oil and gas blocks sold at electronic auction should trigger almost $250 million in exploration and production investment,

The three oil and gas blocks sold at electronic auction should trigger almost $250 million in exploration and production investment, says Stepan Kubiv, Economic Development Minister. Sold Wednesday by online auctions on ProZorro, the blocks went for a total of $5 million, about triple the opening price. Kubiv said: “Simple and competitive access to special permits for subsoil use is a boost to increase our own production.” Concorde Capital’s Alexander Paraschiy writes: “This was the first transparent tender for the sale of oil and gas licenses in Ukraine. If such tenders become a regular occurrence, they will benefit the nation’s investment climate and energy independence.”