Cabinet has signed a PSA with Exxonmobil, Shell and OMV Petrum

The Cabinet of Ministers signed an agreement on the conclusion of a production sharing agreement for the development of the Scythian hydrocarbon area (Black Sea shelf) with companies ExxonMobil, Shell and OMV Petru

 A corresponding agreement was signed on Wednesday by the parties in New York (USA) in the presence of President ViktorYanukovych.According to the Minister of Energy and Coal Industry of Edward Stavisky, according to the signed documents will be developed by two wells, and it is estimated that the volume of gas produced from them will reach 8-10 billion cubic meters of gas per year. The minister refused to announce details of the agreement and the ratio of the distribution of products, citing thetrade secrets.

Stavitskiy predicted that gas production from the Scythian area can begin within 3 years (until 2017).

As reported, Yanukovych now is on an official visit to the United States.

The composition of the pool, which won the competition for the PSA to the Scythian area, except for ExxonMobil, includes Shell, Petrom (Romania, a subsidiary of the Austrian OMV) and NAK "Nadra Ukraine".

Cabinet has extended the prison terms of production sharing agreements with the company Chevron Ukraine BV (The Netherlands) on Olessky gas area (Lviv and Ivano-Frankivsk region) and a consortium led by ExxonMobil Exploration and Production Ukraine BV (The Netherlands) on the development of hydrocarbon Scythian area ( shelf of the Black Sea) to 24 November.

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