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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