Business News, 31/05/2018

New Gas Field Opened in Kharkiv Region

UkrGasVydobuvannya has reported on the opening of a new gas field in the Kharkiv region, having an industrial gas inflow from an exploration well with a capacity of 249,000 cubic meters per day.

The gas reserves of the newly opened field were estimated to be at least 300 million cubic meters at the stage of geological exploration. According to the Ukrainian Scientific Research Institute of Natural Gas, the prospective resources amount to more than 1,500 million cubic meters.

The company’s spokesmen note that it took only 17 months to obtain a special permit for subsoil use and to introduce the well into operation, which was somewhat of an efficiency record.

Director of Geology at UkrGasVydobuvannya Myron Firman points out that the development of new fields is a labor-intensive process that will require scientific, engineering and significant financial inputs. Moreover, this process is expanded in time. Therefore, the company’s management states that delay in getting new special permits raises issues that all need to be resolved.

Usually, the period from getting a license to starting mining takes about 2-4 years, as it includes seismic exploration, exploratory, evaluation and operational drilling.

Therefore, by obtaining new special permits, the next gas flow can be expected not earlier than in 2 years.

Reference: Public joint stock company UkrGasVydobuvannya is the largest national gas production company in Ukraine, as well as in Central and Eastern Europe, specializing in natural gas and gas condensate. It provides 73 percent of total gas production in Ukraine. Overall, 100 percent of company’s stake belongs to public joint stock company Naftogaz of Ukraine, to which it is obliged to sell the entire gas production for the population’s needs according to the Cabinet of Minister’s decree.

Text: Olena Sokolynska

Photo: UkrGasVydobuvannya