The Cabinet of Ministers by Decree No.864 of September 11 recognized as invalid the resolution of the previous Decree of March 6 this year No.271 “On holding a competition for the conclusion of an agreement on the division of hydrocarbons that will be produced within the Dolphin site”. This was reported on the government website.
“The government made a decision... in connection with the non-compliance of the competition procedure with the practice of the European Union, as defined by Directive 94/22 /EU of the European Parliament and of the Council of the European Union “On the conditions for the provision and use of licenses for the search, exploration and production of hydrocarbons” of May 30, 1994", it is said in a commentary to the published resolution.
Four companies submitted applications for participation in the competition: American Trident Acquisitions Corp, American Frontera Resources Corporation (an initiator of the competition for the development of the Dolphin site), controlled by the State Oil Company of the Republic of Azerbaijan (SOCAR) Caspian Drilling International Ltd. and one of the largest private gas producers in Ukraine, Ukrnaftoburinnya.
Trident Acquisitions Corp. was recognized as the winner of the development competition based on the production sharing agreement for the Dolphin hydrocarbon site on the Black Sea shelf. The duration of the agreement on the terms of the PSA is 50 years.
Later, Trident Acquisitions announced that it planned to challenge the Cabinet’s possible decision to announce a new competition to develop this hydrocarbon site.
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