"Naftogaz" prepares 10 projects under the resource agreement with the United States – Bloomberg

The state group Naftogaz has proposed ten projects focused on production and energy efficiency, which could become the first projects under the resource agreement signed between Ukraine and the United States. In particular, it concerns shale gas production, said Naftogaz CEO Serhiy Koretsky, according to Bloomberg, writes UNN.

Details”We want to be among the first projects to be developed,” said Serhiy Koretsky.

In April, Washington and Kyiv signed a long-awaited agreement to share profits from the future sale of Ukraine’s mineral and energy reserves after months of intense negotiations. While these discussions initially raised concerns about the potential exploitation of Ukraine, Kyiv considers the agreement beneficial and important for securing US support and funding for its continued post-war recovery.

Both sides are investing $75 million each to create a Reconstruction Investment Fund aimed at accelerating project development, the US International Development Finance Corporation said last week. While Koretsky did not provide details on Naftogaz’s proposals due to security concerns, he urged Western partners to also use existing licenses.

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For example, Royal Dutch Shell Plc and Chevron Corp. started shale gas exploration projects more than ten years ago, from which the firms withdrew in 2014 after Russia’s annexation of Crimea and the start of the military conflict in the east of the country. The Oleshko field in Western Ukraine, where Chevron was expected to operate, is accessible, Koretsky reminded.

“If Chevron, which is very deeply involved in this topic, in this project, or any other companies that have experience in shale gas development, pay attention to this project in western Ukraine, we will be very happy,” he said.

According to estimates by the NATO Energy Security Centre of Excellence, Ukraine has some of the largest gas reserves in Europe.

“There are American and Canadian companies, as well as firms from other countries, that have experience working in regions where wars or military conflicts have taken place or are ongoing. Of course, this is not a quick process, but if we don’t start it, we won’t achieve any results,” Koretsky noted.

AdditionKoretsky reported that the Naftogaz joint-stock company and Ukraine’s Western partners have allocated $2.5 billion for gas purchases to get through the winter.

According to Koretsky, Ukraine has signed contracts covering about 95% of the country’s gas needs when the centralized heating system is launched on November 1. To finance the purchases, Naftogaz paid $1 billion from its own funds, and the European Bank for Reconstruction and Development, the Norwegian government, and other institutions provided $1.5 billion in external financing.