DTEK Oil and Gas to invest UAH 1.2 billion in the development of Zinkivska area

DTEK Oil and Gas to invest UAH 1.2 billion in the development of Zinkivska area

02.07.2019
DTEK

DTEK Oil and Gas Group companies are recommended as winners to sign PSA (production sharing agreement) for Zinkiska area as part of the biggest PSA contest in the history of Ukraine. As soon as the agreement is signed, the companies will invest UAH 1.2 billion in the exploration and development of the area.

DTEK Oil and Gas is going to re-process and re-interpret the data acquired from the earlier seismic survey and gas-dynamics research of wells, as well as to conduct a 3D wide-azimuth seismic survey and drill three exploration wells. The company plans to start gas production on the second year from the beginning of survey works.

PSAs сontests included nine oil-and-gas exploration sites of a total area of 11,400 sq km and aroused a great interest among market players. Overall, 14 mining companies submitted 23 applications.

Igor Shchurov, CEO of DTEK Oil&Gas: “Over the past five years, DTEK Oil and Gas has invested more than UAH 10 billion in the national gas production, which is a significant contribution to the industry development. This large-scale contest to conclude the PSA is another major step in improving the investment environment of Ukraine because cooperation under the PSA will open up new opportunities to boost investment, increase hydrocarbon production and strengthen the energy independence of our country.”