State oil and gas extracting company Ukrnafta extended the partner selection process for the joint development of 21 fields until March 1, 2024. This will allow all potential partners to complete their due diligence on the fields.
So far, 25 Ukrainian and seven European and North American companies have shown interest in cooperation. Potential partners are expected to invest money and technology in 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 their own expense and risk in exchange for receiving a part of the production output.
Ukrnafta’s contribution will be the deposit and the right to use the existing mining infrastructure, and the partner’s contribution will be a developed plan for the deposit’s development in order to increase production and financing for operations.
According to estimates, the reserves of the proposed fields amount to more than 12 million tons of oil and more than 31 billion cubic meters of gas.