A Canadian company is interested in the development of hydrocarbons in Ukraine

11 November 2021

Roman Opimakh, Director General of Ukrainian Geological Survey(UGS), had a meeting with the CEO of Tanaz Energy Corp, Anthony Marino.

Roman Opimakh presented existent proposals in the oil and gas sector of Ukraine as well as current business opportunities.

According to Anthony Marino, the company is interested in implementing projects to develop hydrocarbons in Ukraine. In particular, the attention is paid to the fields that had been abandoned earlier due to a sharp drop in production.

As of now, the Investment Atlas comprises 50 oil and gas proposals, which can be put up for an e-auction.  They account for 6000 sq km all over Ukraine’s territory. There are both brownfields and greenfields. 

Roman Opimakh informed that to get a license for the oil and gas fields development and production, it was necessary to purchase a license through an e-auction. The auctions are regularly organized by the UGS at Prozorro.Sales.

Also, an investor has the option of acquiring an interest in an upstream project through a “farm-in” contract. The company, which share is being acquired, should already own a license. This mechanism may be attractive for those enterprises, which experience difficulties with unlocking the potential of their asset, and when an investor can offer capital and experience thereto. 

About the company:

Tenaz Energy Corp. is a public energy company focused on the acquisition and sustainable development of international oil and gas assets capable of returning free cash flow to shareholders. Tenaz Energy Corp. has acquired more than $ 6 billion in assets and has experience in 65 countries 

The company conducts development of hydrocarbons in Central Alberta (Canada), also focuses on the markets of Europe, MENA, and South America.

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