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Ukraine's Cabinet of Ministers has signed a Production Sharing Agreement (PSA) with the US Corporation Chevron to develop the Olessky gas area located in Ivano-Frankovsk and Lviv regions, the Information-Analytical Bulletin of the Cabinet of Ministers of Ukraine informs.
It is expected that Chevron will invest 350 million USD in the shale gas exploration at this field, which contains an estimated 2.98 trillion cubic meters (m3) of gas. Total investment in the project is expected to top 10 billion USD.
Mykola Azarov, Prime Minister of Ukraine, said cooperation with the American investor will give Ukraine an opportunity to repeat the successful experience of the US, where, due to domestic shale gas production, the price of natural gas on domestic market was cut from 460 USD for 1,000 m3 in 2007 to the current price of 110-120 USD for 1,000 m3. The implementation of the project will create 10-15 thousand new jobs.
The PSA with Chevron envisions that the American company will coordinate with regional councils the directions for use of funds, which will be annually spent for social and industrial development. In fact, the investor will fully compensate the damage to environment and ensure the restoration of land areas and soil fertility.
Chevron also agreed to provide the central government and local self-government bodies with information on names of chemicals used for hydraulic fracturing.
According to government experts, the agreement with Chevron confirm the efficient cooperation of the Cabinet of Ministers with potential investors interested in cooperation with Ukraine on gas production. Among them, there are major international energy companies intending to invest their funds and introduce the innovative technologies of field development, staff management, and implementation of social and environmental standards.