Ukraine sold promising oil and gas block for $24 million

31 August 2020

Ukraine’s GeoSurvey meets current challenge, conducting auctions online.

Today five leading domestic hydrocarbons producers auctioned for 170 sq km petroleum acreages in Poltava region. The E&P license for 20 year period was sold  for 24 million. That is the largest bid for energy and minerals resources in Ukrainian history.

Budytchano-Chutivska block was grabbed by private firm DTEK Oil&Gas, given higher bid than national producer UGV (PJSC Ukrgasvydobuvannya), and other three companies, among them – Regal Petroleum plc and UKRNAFTOBURINNYA PJSC (UNB).

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