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Chevron Ukraine announces termination of business in country

July 14, 2015, 12:51 UTC+3 KIEV
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© AP Photo/Alan Diaz

KIEV, July 14. /TASS/. US company Chevron Ukraine B.V. office announced termination of business in Ukraine, the office said Tuesday.

Chevron Ukraine B.V. Board of Directors made the decision July 2 of this year. The document contains no other details.

In November 2013, Ukraine’s government, Nadra Olesskaya company and Chevron Ukraine signed a production sharing agreement on production of hydrocarbons in the Olesska field (in Ukraine’s west).

Inferred resources of Olesska field are estimated at 2.98 trillion cubic meters of gas. Annual production at the site may total 5-10 bln cubic meters. Chevron was expected to allocate around $350 mln to seismic exploration and drilling during the first stage (2-3 years).

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