Ukraine is seeking private investors for natural gas fracking on a revolutionary scale.

The Ministry of Energy is leveraging Ukraine’s diplomatic ties to find private investment funds to finance drilling and attract technological partners. During an energy forum in Azerbaijan, government representatives promoted Ukraine’s potential as a shale hub. Specific geological zones for the implementation of fracking technology were announced mostly in the western regions: Lviv-Lublin (on the Ukrainian-Polish border) and the Oleska shale block, whose reserves are estimated at 0.8 to 1.5 trillion cubic meters of gas. Ukraine has already conducted experimental tests that “confirm its potential” for fracking but requires significant investment and foreign equipment to realize it.

According to Ukrgazvydobuvannya, the hydraulic fracturing method allows for a significant increase in gas production from a well in addition to access to reserves that are otherwise inaccessible. However, this method raises concerns among environmentalists due to the use of millions of cubic meters of water. As an example, the development of the wells in the Oleska block would require as much water as the city of Ivano-Frankivsk consumes in three years. Also, the water that is used becomes toxic waste, remains underground, and poses the threat of groundwater contamination.