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Ukraine's Cabinet of Ministers has adopted a procedure for selecting and approving new investment projects (programs, contracts) that envision an increase of hydrocarbon production from exhausted or hard-to-get fields, the Information-Analytical Bulletin of the cabinet of Ministers of Ukraine informs.
The government has also signed off on a plan to monitoring of implementation of investment projects and procedures for determining additional volumes of hydrocarbons.
The measures apply to business entities that have 25% or more state share in their authorized capitals. They were developed by the Ministry of Economic Development and Trade to ensure implementation of the Tax Code provisions and performance of tasks ennumerated in the 2013 National Action Plan of the Program of economic reforms for 2010-2014 "Prosperous Society, Competitive Economy, Effective State."
The measures, in particular, envision that the list of fields and areas where new investment projects can be implemented is determined by the central body of the executive power, which ensures the development and implementation of public policy in the oil and gas industry.
The projects are selected by the Ministry of Energy and Mines.
Additional volumes of hydrocarbons obtained within the scope of these projects are taxed at a reduced rate of 2% of the value of its additional production.
Government experts say this approach will improve the investment climate in the oil and gas sector and ensure more efficient development of hydrocarbon fields. This, in turn, will help increase production of energy resources in Ukraine, strengthen national energy independence and reduce excessive dependence on expensive oil and gas imports.
To solve these tasks, the Cabinet seeks to create a favorable investment climate. This is an obvious fact, considering the arrival of the world-known corporations in Ukrainian energy sector. Ukraine's cooperation with companies such as Shell, Chevron, and ExxonMobil will be very fruitful. In particular, exploration and production of traditional and non-traditional hydrocarbons by these companies facilitates the introduction of advanced technology and experience and provides the energy security of the state.