Ukrgazvydobuvannya acquired an oil and gas site at an auction

JSC Ukrgazvydobuvannya won an electronic auction for the purchase of a special license for the use of subsoil resources of the Pivdenno-Rusanivska area. This area, according to a preliminary assessment of the available geological information, has significant prospects for the development of gas deposits, the press service reports.

The company acquired the Pivdenno-Rusanivska area for UAH 304.6 million, which will go to the state budget of Ukraine; it received the right to own a special permit for this site for 20 years.

The Pivdenno-Rusanivska area has an area of 317 sq. km and is located in the Sumy and Poltava regions.

“We see great prospects in this area based on the results of earlier geological studies in this region. Next to it are our fields, the potential of which has already been proven. The development of sites in the Dnieper-Donets basin requires the use of modern technologies. To this end, we have strengthened our internal expertise and are attracting experienced international partners who will help attract the latest developments in Ukraine,” Maksym Vityk, Director for Strategic Projects of the Naftogaz Exploration and Production Division said.

To recap, Naftogaz will attract investors to increase Ukrainian gas production.

As reported, the Cabinet of Ministers ordered Naftogaz to increase gas production.