Many investors are interested in future tenders in the gas industry, - Olga Magaletska

On June 9, 2020, the Head of the Office of the National Investment Council Olga Magaletska took part in Energy Club Meeting Online # 10, organised by Energy Club Ukraine.

The meeting participants discussed the state of the domestic gas industry and the incentives that the industry needs today.

The discussion was attended by Artem Petrenko, Executive director of the Association of gas producing companies of Ukraine, Danylo Maidanik, Honorary President of the Association of Gas Companies, Yuriy Boyko, Deputy Minister of the Ministry of Energy and Environmental Protection of Ukraine, Oleksandr Romanuk, Head of the Exploration and Production division of the Naftogaz, Igor Shchurov, General director of DTEK Naftogaz, Roman Opimakh, Chairman of the State Geological and Mineral Resources Service of Ukraine, MP’s Olga Belkova and Andriy Zhupanyn.

All participants agreed that due to the crisis on the oil and gas markets, as well as due to the economic consequences of the COVID-19 pandemic, oil and gas companies have to reconsider their investment plans. It is expected that significant optimization will occur and investors will be much more careful with new projects. Nevertheless, the companies that are already present on the Ukrainian market have ambitious plans and goals for this year.

In turn, Olga Magaletska noted that many investors are interested in tenders in the gas industry: “Foreign companies that are members of the National Investment Council are showing great interest to the future tenders in the gas industry, in particular, on the Black Sea shelf and the Dolphin area. Investors are waiting for the announcement of these competitions and intend to participate in them. It will have a positive impact on the investment climate of Ukraine. "  

The head of the Office also emphasized on the need of signing of Production Sharing Agreements in the tenders already held: “The signing of production sharing agreements is a very important signal for future investors. Delay in signed does not contribute to the investment climate. Potential investors are looking at the current situation and are waiting for this signing. Therefore, it is desirable that such Agreements will be signed in the nearest future. "

Olga Magaletska also noted that last year showed significant interest from investor to the oil and gas industry of Ukraine and it is necessary to maintain and increase it. “Today, Ukraine is more than ever ready to attract FDI and modern technologies to the gas industry. We have already seen the interest of experienced international players and hope that this year it will increase"- summed up Olga Magaletska.

© 2020 Office of the National Investment Council of Ukraine