Naftogaz Ukraine signs memorandums of partnership in gas exploration and production

NJSC Naftogaz of Ukraine has signed three memorandums regarding partnership in gas exploration and production, the state-owned company’s website has reported

Naftogaz Ukraine signs memorandums of partnership in gas exploration and production

During the Ukrainian Gas Investment Congress in Kiev, Naftogaz signed memorandums of understanding with companies – Dragon Oil from the UAE, Azerbaijan’s SOCAR AQS, US-based Helmerich & Payne, Inc. (H & P) and 3 Seas Energy.

“These memorandums form the basis for partnerships planned under new strategic projects, such as the development of areas of the Black Sea and tight gas deposits, as well as on the direction of increasing the efficiency of production in depleted fields”, –  the statement said.

According to Yuriy Vitrenko, chairman of the board of Naftogaz of Ukraine, this will require more than $20 billion of investment.

“Therefore, it is important for us to attract partners and investors in order to implement our plans efficiently and quickly. I am grateful to Dragon Oil, SOCAR AQS, 3 Seas Energy and H&P for their willingness to cooperate. I am sure that it will be mutually beneficial”, – Vitrenko added.

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