Gulf Oil and Gas accountACCOUNT

Emerstone Energy Wins Ukraine Shale Search After Shell Pulls Out

Source: Reuters 7/27/2016, Location: Asia

Share |
A company set up by investment fund Emerstone Energy has won a contract for shale gas exploration in Ukraine, after Royal Dutch Shell withdrew as separatist violence erupted in Ukraine's east. State company Nadra Ukrainy on Wednesday named Yuzgas B.V. as the winner of the tender.

Shale would help Ukraine's ambitions to cut its gas purchases from Russia. Relations between the two plunged after Moscow's 2014 annexation of Crimea.

The Yuzivska field of 7,800 sq kms could, according to preliminary estimates, yield about 8-10 billion cubic metres of gas per year. It is located in the Kharkiv and Donetsk regions in areas bordering territory seized by pro-Russian separatists. Since 2014 the conflict there has claimed more than 9,400 lives.

Ukraine in 2015 produced about 20 billion cubic meters of gas and imported 16.5 billion.

'In circumstances of falling world oil prices Ukraine sharply reduced the search of hydrocarbons,' Nadra Ukrainy said in a statement without giving an exact amount of planned investments. 'That is why it is important that the winner committed to invest several hundred million dollars into the programme of geological exploration at the Yuzivska site.'

Yuzgas B.V. says on its website it was set up specifically for the tender by Emerstone Energy, owned by Emerstone Capital Partners. The latter was founded by Jaroslav Kinach, head of a private Canadian company Iskander Energy Corp and a former Ukraine country head of the European Bank for Reconstruction and Development (EBRD).

Shale Gas News in Ukraine >>

India >>  11/20/2017 - In September, India’s crude imports dropped from a month earlier by a slight 22 tb/d, to average 4.3 mb/d. Y-o-y, crude imports reflect a drop of 57 t...
Iran >>  11/20/2017 - Irans petroleum minister has stated that French energy giant Total - that has won a deal to develop a key gas project in the country - can quit only i...

Iran >>  11/18/2017 - National Iranian Oil Company (NIOC) and Singapore"s Berlanga signed a memorandum of understanding (MoU) for the latter to start studies on development...
Indonesia >>  11/16/2017 - Electromagnetic Geoservices ASA (EMGS) is pleased to announce that it has received Letters of Intent for two contracts under which EMGS will perform p...

Malaysia >>  11/16/2017 - ET Energy, a global leading clean energy developer and operator has announced that the company together with its partner Northwest Electric Power Desi...
India >>  11/8/2017 - WorleyParsons has been awarded a contract by Reliance Industries for project management consultancy (PMC) services for development of the R-Series gas...

Related Categories: Coalbed Methane  General  Heavy Oil  Oil Sands  Oil Shale  Shale Gas  Tight Gas  Tight Oil 

Related Articles: Coalbed Methane  General  Heavy Oil  Oil Sands  Oil Shale  Shale Gas  Tight Gas  Tight Oil 


Ukraine Oil & Gas 1 >> 

More News

 

Oil & Gas Companies in Ukraine >>


Related Links

Gulf Oil and Gas
Copyright © Universal Solutions All rights reserved. - Privacy Policy.