Ukraine signed a gas deal with Shell

Shell and "Nadra Hughes" agreed on shale gas in two Ukrainian regions.

The agreement between the company and the Shell "Nadra Hughes’ production sharing of shale gas on the Hughes site in Kharkiv and Donetsk regions signed on Thursday in Davos, with the participation of President of Ukraine Viktor Yanukovych.

As Yanukovych said in comments to journalists, the signing of this agreement profitably Ukraine, because it is an investment due to which Ukraine will increase its own gas production, and as a consequence — to raise the level of ekonomiki.Eto, according to the President, will increase the revenue side of the budget and send it to social needs. According to a press release issued by Shell on Thursday, Shell and "Nadra Hughes" have a 50% stake each. Shell will be the operator of the project, responsible for all work under the agreement. The rights and obligations of investors will be defined in the agreement on the operating activities, which is to be signed after the conclusion of the PSA. The PSA was signed for a period of 50 years.

"The initial phase of geological study provides for two-dimensional and three-dimensional seismic data and the drilling of 15 wells in the Hughes site. Anticipated that this will allow for efficient exploration and evaluation of existing deposits of hydrocarbons, in particular, the assessment of the potential of natural gas in the compact sandstones Yuzovsky area" — said in a press release. "Yuzovskyi project will be implemented in accordance with international standards for environmental protection and social responsibility. To do this, Shell will conduct a comprehensive assessment of the potential impact of the project on environmental and social impacts, as well as the health of the population before the start of the work," — emphasizes the company.

The project also provides for the implementation of social programs as well as programs to improve the local infrastructure needed for the project, as well as having a broader social significance, such as road repair and upgrading of sewage treatment plants.

"In addition, Shell will support the creation of the Ukrainian Institute of unconventional gas, which will analyze, design, business case and implementation of technology, as well as the study of the environmental and social aspects of unconventional gas production in Ukraine", — stressed kompaniya.Kak reported, the Cabinet of Ministers of Ukraine meeting on 23 January approved a draft agreement with Shell and Company "Nadra Hughes" on (PSA) produced by Yuzovsky area (7,886 thousand sq km, is located in Kharkiv and Donetsk regions). The same resolution authorized the Cabinet to sign this E.Stavitskogo soglasheniya.V May 2012 mezhvedkomissiya the PSA has identified the winners of the competition for the development of the area Yuzovsky company Shell, Olessky Square (Lviv and Ivano-Frankivsk region.) — Chevron. In mid-January 2013 Donetsk and Kharkiv Regional Council agreed on a draft PSA for Yuzovsky ploschadi.V Yuzovsky development of the site, inferred resources are estimated at 4.054 trillion cubic meters of gas of different types, at the stage of geological exploration is planned to involve a minimum investment of USD 1.6 billion and 30 billion USD at the stage of industrial development.

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