Ukraine opens shale gas reserves to exploration

Ukraine opens shale gas reserves to exploration

Ukraine has become the latest European country to open up its shale gas reserves to exploration, a move that could help to reduce its heavy dependence on increasingly expensive gas imports from its eastern neighbour Russia.

The Ukrainian government said it would hold two tenders for rights to explore for unconventional gas in two vast areas, one in the east of the country and the other in the west.

Winners of the tenders will win the right to sign production-sharing agreements for both shale and traditional natural gas, as well as coal bed methane, crude oil and condensate. The tenders could bring in billions of dollars of much needed investment to Ukraine’s fragile economy.

Financial Times (