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Gazprom in Talks on Ukrainian Project
Naftogaz Ukrainy has confirmed that it is in negotiations with Gazprom on joint production on the shelf of the Black Sea, Naftogaz head Oleg Dubinin said in an interview with the Zerkalo nedeli weekly. Dubinin suggested that Gazprom could have the oil produced, and Ukraine the natural gas. Various estimates place the hydrocarbon reserves on the Black Sea and Sea of Azov shelves at 1.5 trillion tons of fuel equivalent, that is, 170 billion cu. m. of gas and 80 million tons of oil. On the Kerch segment that Naftogaz plans to propose for joint development with Gazprom, reserves are estimated at 30 billion cu. m. and 4 million tons.
There has been no drilling on that segment, the license for which is owned by the British Vanco International, which is obligated to invest no less than $100 million in exploration. In the event that exploration is successful, investment in production is expected to come to $3 billion. Last autumn, however, the Ukrainian Ministry of Natural Resources that Vanco committed irregularities in the competition for the product-sharing agreement. Its license was annulled by order of the ministry on April 28. So far, the company is continuing to work on that site, however, because Ukrainian President Viktor Yushchenko has not agreed to the annulment. Dubinin said that other programs may be delicensed because of their low effectiveness.
While sources confirm that Ukraine and Gazprom have been in negotiating exploration of the Black Sea shelf for some time, official Gazprom spokesman Sergey Kupriyanov told Kommersant that the talks were not “concrete.” Observers say that Ukraine is probably eager to involve Gazprom in such a project to stave off a rise in gas prices from the Russian monopoly, which may reach $400 per 1000 cu. m. next year. Gas produced on the shelf would also be cheaper.
www.kommersant.com
All the Article in Russian as of July 07, 2008
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