Naftogaz applied to AMCU regarding the acquisition of corporate rights at Yuzovske field

Ukrgazvydobuvannya informs that Naftogaz Group applied to the Antimonopoly Committee of Ukraine to obtain permission to acquire corporate rights at Nedra Yuzovska LLC, which owns the right to develop Yuzovske field of hydrocarbons in Donetsk and Kharkiv regions.

“Over the past 6 years, no work has been carried out at Yuzovske field, which leads to the government losing gas and taxes. Whereas Naftogaz will be ready to start work on it immediately after the completion of official procedures,” the statement says.

It is noted that the company will join the implementation of the Production Sharing Agreement (PSA) and will ensure the continued fulfillment of obligations for the development of Yuzovske field, determined by the results of an open tender in 2012. Then the international company Shell won it but later decided to withdraw from the project.

Naftogaz has already assessed Yuzovske field based on the available geological data. Moreover, the company is developing Svyatohorske field, which is located in the center of Yuzovske field. More than 20 areas of the company border it or are located nearby.

“Ukraine cannot hesitate in the future with the exploration of new promising fields in conditions when production at the “old” fields is falling. Possessing the necessary geological data and experience of working in adjacent areas, Naftogaz will be able to ensure the fastest, high-quality start of work on the Yuzovske field. After confirming hydrocarbon reserves, removing political and economic risks in cash, improving the pricing environment, we plan to attract international investors to the development of this field,” said Oleksandr Romaniuk, director of the Naftogaz Exploration and Production division.

Earlier, the Ministry of Energy announced the probable reasons for the billion-dollar losses of Naftogaz in 2020.