The memorandum between Ukraine and the IMF enshrines the provision on transparent auctions

The State Service of Geology and Subsoil of Ukraine reported that the text of the Memorandum on Economic and Financial Policy with Ukraine was published on the official website of the International Monetary Fund on June 11, providing for terms of cooperation for the next 18 months. According to the provisions of the document, Ukraine is obliged to implement a reform in the field of subsoil use, in particular, to simplify and accelerate the procedures for obtaining special permits.

“In order to increase gas production and promote energy independence, we will simplify and speed up the procedures for obtaining permits for exploration and development of gas deposits in the conditions of transparency, including through open auction (through ProZorro.Sales ) and tendering for the conclusion of production sharing agreements. We will also facilitate investments in existing gas fields to increase gas production while respecting environmental standards,” the memorandum says.

Head of the State Service of Geology and Subsoil of Ukraine Roman Opimakh recalled that two auctions had already been conducted since the beginning of the year, as a result of which 20 lots for a total of more than UAH 38 million had been sold.

The following auctions – on eight oil and gas fields – will be held on July 6.

Tags: The Cabinet of Ministers, gas, contracts, oil, hydrocarbon production, legislation, NEURC, EU, The Minystry of Energy and Coal Mining, IMF, energy market, gas production, oil production, , drilling, Public Service of Geology and Subsoil of Ukraine, foreign affairs, Opimakh, agreement, well, field, auctions, infrastructure, energy sector, Buslavets, The Ministry of Energy, economy, market, oil and gas industry

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