U.S. Will Help Ukraine Increase Energy Independence

KYIV, Ukraine, August 14, 2013 /PRNewswire/ --

Supporting Ukraine's aspirations to achieve greater energy independence remains one of the major priorities of the newly appointed U.S. Ambassador to Ukraine Geoffrey R. Pyatt. Such statement was released after his recent interview with radiosvoboda.org. Another priority is to advance Ukraine's European choice, and the wish of Ukrainian people to move toward institutional Europe, noted the U.S. official.

Ukraine's energy independence remains an important commercial as well as geostrategic initiative, stated U.S. Ambassador Pyatt. He also talked about the strong commitment of the two big U.S. oil companies, ExxonMobil and Chevron, to participate on the Ukrainian energy market. "Both companies... want to bring the best of American technology, American know-how and American capital to the Ukrainian energy sector in a way that would be very good for the Ukrainian people and will help Ukraine to advance its goal of greater energy independence," he noted.  

As of now Chevron seeks approval of Ukrainian authorities at the regional level, while ExxonMobil continues to negotiate the terms of the production sharing agreement with Ukrainian government. Once ExxonMobil signs the agreement the initial investment could amount to USD 325 million said Kevin Biddle, the company's European exploration director in his July interview with kommersant.ua. Potentially, the investment may reach billions of dollars in case the company finds gas and oil, added Biddle.

Back in February 2013, the State Department's Special Envoy and Coordinator for International Energy Affairs Carlos Pascual stressed that the current reforms that were taking place in Ukraine could transform the country into an important energy hub of Eastern Europe. Ukraine's actions are complementary to actions and priorities of Europe, noted the US State Department official.

In an effort to develop domestic gas resources, Ukraine cooperates with global energy companies which will develop gas deposits in western and eastern regions of Ukraine, as well as in the deep marine shelf of the Black Sea. Namely, Shell won the right to explore gas in Yuzivske gas field in Eastern Ukraine in May 2012. In August 2012, Shell, ExxonMobil, Romanian OMV Petrom, and Ukrainian state company Nadra received joint rights to develop underwater deposits at Ukrainian deep marine shelf field under the Black Sea.

SOURCE Worldwide News Ukraine