The State Service of Geology and Subsoil put up another oil and gas field for auction

The State Service of Geology and Subsoil of Ukraine has begun accepting applications for participation in electronic bidding for special permits for geological exploration with subsequent production on Budishchansko-Chutovska Square, the press service reports.

The oil and gas field is located in Poltava region. The initial cost of the lot is UAH 81 560 800.

“This is a unique investment proposal, promising oil resources on the site amount to about two million tons, and gas – more than 20 billion cubic meters. I am convinced that attracting investment in the development of Budishchansko-Chutovska Square will have very positive consequences for the development of the extractive industry as a whole, and will become an impetus to the economic development of the region in particular,” said Roman Opimakh, head of the State Service of Geology and Subsoil of Ukraine.

Foreign companies can also join the auction at the ProZorro public procurement site: not long ago they have the right to compete for a special permit without prior registration of a legal entity in Ukraine.

The first hydrocarbon auction this year will be held on July 6. In April, the State Service of Geology and Subsoil of Ukraine put up 8 oil and gas fields for auction.

Tags: gas, contracts, oil, hydrocarbon production, legislation, EU, The Minystry of Energy and Coal Mining, energy market, gas production, добыча нефти, Prozorro, GTS, Public Service of Geology and Subsoil of Ukraine, Oil refinery plant, Gas processing plant, foreign affairs, Opimakh, Gas market, investors, price, agreement, auctions, oil pipeline, oil companies, oil reserves, economy, market

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