Page 12 - FSUOGM Week 18 2021

FSUOGM PERFORMANCE FSUOGM

Recoverable gas in the subsoil of Ukraine is production-sharing agreement [PSA] areas. We
enough at least for another 30 years at con- are determined to increase gas reserves to 600
sumption of 30 bcm per year, according to Oleh bcm over the next 5 years. This means not only
Neplyakh, partner and head of industry prac- [transferring] from maintaining gas production,
tices for energy and natural resources at KPMG. [but] steadily increasing it,” Otto Waterlander,
“Over the past five years, Ukraine has spent chief operating officer of Naftogaz Group, said.
more than $35bn on procurement of natural gas, But to attract investment the government
oil and petroleum products. If we translate these needs to push ahead with its reform agenda as
figures into national currency, it is almost UAH1 well as create financial incentives to attract the
trillion. For comparison, this is slightly less than international energy companies.
planned budget revenue for this year. No doubts, “Fiscal stimulation and predictable tax policy
import substitution can significantly increase are crucial for development of [the] Ukrainian
[the] country’s energy and economic security,” oil and gas branch,” Nataliia Grebeniuk, exec-
Artem Petrenko, executive director of the Asso- utive director of local energy company DTEK
ciation of Gas Producers of Ukraine, said. Oil & Gas, said. “Only under such conditions,
As part of the energy sector reforms which companies will be able to evolve, make sys-
have already seen gas transport unbundled from tem[at]ic investments into their technological
production with the creation of the GTSO pipe- development, increasing efficiency and environ-
line operator, the government is also liberalising mental friendliness of operation. Over the last
access for gas producing companies to large and year, DTEK Oil & Gas invested about UAH3bn
promising oil and gas fields both onshore and ($108mn) into development of the national gas
offshore. production, which is a substantial contribu-
“Naftogaz has already commenced projects tion into economic and social development of
in new areas entrusted to us by the country – Ukraine, into approaching of its energy inde-
in Yuzivska area, in the Black Sea and new pendence.” ™

POLICY
Turkmenistan, Iran discuss

Caspian gas exploration

TURKMEN Ambassador to Iran, Ahmed
Gurbanov, met with Ali Osouli, director of
Iran’s Khazar Exploration and Production Co.
(KEPCO), over possible Caspian Sea gas explo-
ration, Mehr news agency reported on May 2.
KEPCO, founded in 1998, is a division of the
National Iranian Oil Co. (NIOC). It is engaged
in exploration, development and production as
regards Iranian Caspian Sea territory, but US
sanctions on Tehran have slowed its activities in
recent years.
Osouli reportedly discussed with Gurbanov
how Turkmenistan could utilise Iranian ship-
yards on the Caspian Sea. He also spoke of Iran’s
experience in building multi-tasking vessels, as
well as deep-water drilling platforms, noting
that KEPCO can provide services in these areas.
“There is great potential for expanding Turk-
men-Iranian energy cooperation in the Caspian The Caspian basin holds about 48bn barrels of oil (File Photo)
Sea, which could contribute to the two coun-
tries’ economic development,” Gurbanov said. Turkmen Caspian Sea zone.
On April 30, Turkmen Deputy Prime Minis- The wider Caspian basins area, including
ter Serdar Berdimuhamedov visited Kazan, the both onshore and offshore fields is conserva-
capital of Russia’s republic of Tatarstan. Local tively estimated to have around 48bn barrels of
reports said he inquired about co-operation oil and 292 trillion cubic feet (8.3 trillion cubic
with Tatarstan-based Tatneft in the exploration metres) of natural gas in proved and probable
and development of offshore fields within the reserves, on the basis of field-level data.

P12 www. NEWSBASE .com Week 18 05•May•2021