Stavytsky: Ukraine to increase domestic gas production due to foreign investment

Thanks to foreign investment the Cabinet of Ministers is planning to increase natural gas production at Ukrainian deposits and fully meet the needs of the domestic market at the expense of this resource.

This was stated by Ukrainian Energy and Coal Industry Minister Eduard Stavytsky, according to the information and analytical newsletter of the Cabinet of Ministers.

The minister predicted that the measures taken would help attract about $3 billion in 2014-2017 in the exploration of gas fields. "This is a powerful impetus that will help in future fully provide the country with domestically produced gas," he said.

Potential investors are already showing their interest in cooperation with Ukraine in the field of gas production. These are major international energy companies that are ready not only to invest their funds, but also to introduce new innovative technologies for the development of fields, human resources management, and the improvement of social and environmental standards.

In particular, Italy's Eni is currently conducting consultations with the Cabinet of Ministers about the prospects of signing agreements on gas production at the shallow sections of the Ukrainian shelf of the Black Sea.

The coordination of a production sharing agreement (PSA) between the government of Ukraine and the U.S. company Chevron is at the final stage. The company plans to invest about $25 billion in the development and production of shale gas at the Oleska gas area in Lviv and Ivano-Frankivsk regions.

Adapted from Ukrinform