Tuesday, November 5, 2013

Ukraine signs $10 billion shale deal with Chevron

Ukraine signed a $10 billion shale gas production-sharing agreement with U.S. energy major Chevron (CVX) on Tuesday in the country's second such deal this year."It's been signed," Energy Minister Eduard Stavytsky told journalists, referring to a deal for exploration and extraction of shale gas at the Olesska field in western Ukraine.

Ukraine, through shale, offshore and liquefied natural gas development, aims to ease its dependence on costly natural gas imports from its main supplier, Russia, which weigh heavily on its economy.
The production-sharing agreement with Chevron - confirmed by an announcement on President Viktor Yanukovich's website - foresees an initial investment of $350 million by Chevron in exploratory work aimed at establishing the commercial viability of shale reserves at the 5,260-square-kilometre Olesska field. Read more.

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