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 >>

Argentina >>  3/23/2017 - Tecpetrol launches the development plan of Fortin de Piedra, in Vaca Muerta. It will require an investment of US $ 2.3 billion in the first phase unti...
United Kingdom >>  3/21/2017 - IGas, a leading UK onshore oil and gas explorer and producer, says it welcomes Nottinghamshire County Council's Planning and Licensing Committee decis...

Germany >>  3/1/2017 - Wintershall, Germany’s biggest crude oil and natural gas producer, has abandoned plans to carry out further scientific research into shale gas in the ...
United States >>  9/10/2013 - EXCO Resources, Inc. announced BG Group plc (“BG Group”) has elected not to acquire 50% of the recently acquired producing and undeveloped oil and ga...

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.