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Ukraine’s investment into development of Black Sea shelf to be no less than $4 billion

Energy Minister: annual oil production, according to the basic scenario, will be two million tonnes a year and at most three million tonnes a year

© ITAR-TASSТАСС/EPA/SERGEY DOLZHENKO

KIEV, November 27, 20:04 /ITAR-TASS/. Under the product-sharing agreement Ukraine plans to conclude with the Italian company ENI and Electricite de France (EDF) Ukraine’s investment into the development of the Black Sea shelf will be no less than four billion dollars, Eduard Stavitsky, the minister of energy and coal industry, told a briefing on Wednesday.

“The investment will amount to at least four billion dollars. The annual oil production, according to the basic scenario, will be two million tonnes a year and at most three million tonnes a year,” the minister said.

The agreement envisages the development of offshore hydrocarbon fields Subbotino, Abikha, Mayachnaya and Kavkazskaya. The total area of the deposits is 2,000 square kilometers. Sea depth is up to 100 meters.

At the initial stage, Stavitsky said, the investment must amount to some 350 million dollars. Three-dimensional seismic survey of the areas will be made and four wells drilled.

According to the product-sharing plan, 75 percent of the products will go to the investors, and 25 to the state.

The project envisages an extra collection that will go to the state as a production bonus of 2.2 dollars per barrel of oil or oil condensate and 1.1 dollars per barrel of oil equivalent of 1,000 cubic meters of gas, the minister said.

The Ukrainian government had earlier decided to conclude the product-sharing agreement without competition.

Ukraine announced the competition for diversification of energy supplies and increase of own hydrocarbon production. The basic scenario of Ukraine’s updated energy strategy for up to 2030 envisages more than doubling the growth of domestic gas output to reach 44.4 billion cubic meters of gas and reducing gas import to 5 billion cubic meters.

The growth of gas output is expected to be achieved also by the development of the deep-water part of the Black Sea shelf, whose reserves are estimated at from 4 trillion to 13 trillion cubic meters, as well as by the use of alternative kinds of gas - shale gas, oil-dissolved gas and coal bed methane.

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