Ukraine brings in foreign trio for deepwater prospect
Aug. 16, 2012
Four companies have been awarded E&P rights for Ukraine’s deepwater Scythian oil and gas field in the Black Sea.
Offshore staff
KIEV, Ukraine – Four companies have been awarded E&P rights for Ukraine’s deepwater Scythian oil and gas field in the Black Sea.
ExxonMobil, Shell, OMV Petrom, and Ukrainian state company Nadra will work on solutions for the 16,698-sq km (6,447-sq mi) field, said to be geologically similar to the adjacent deepwater Romanian sector whereExxonMobil and OMV Petrom have discovered gas.
According to reports, the ExxonMobil-led group will pay at least $300 million for the right to sign a 50-year production agreement with the Ukrainian government. The bid also stipulates investment of $400 million during the initial exploration phase.
Production at Scythian could start within six to eight years.
