facebook
twitter
search
search

TNK-BP taking a close look at Ukraine

Feb. 20, 2013 at 8:47 AM

MOSCOW, Feb. 20 (UPI) -- Russian energy company TNK-BP is in the advanced stage of acquiring oil and natural gas assets in Ukraine, a business development chief said.

Boris Zilbermints, TNK-BP vice president in charge of international business development, said Wednesday the company was looking at onshore developments in Ukraine.

"We are at quite an advanced stage of negotiations on acquiring assets," he was quoted by the Interfax news agency as saying. "There are three basins in Ukraine, and we are looking at all of them."

TNK-BP last year bid on a production sharing agreement for the Yuzovska shale natural gas prospect in Ukraine. The company lost out, however, to Royal Dutch Shell.

In January, Shell Chief Executive Officer Peter Voser signed a $10 billion contract to explore Ukrainian shale. The government estimates that Shell is targeting an area said to contain about 4 trillion cubic feet of shale natural gas.

Ukraine aims to wean itself from a contentious energy relationship with Russia. Kiev is locked in a dispute over a $7 billion bill sent by Russian energy company Gazprom for unused natural gas from 2012 covered under a "take-or-pay" contract.

Peter Clark, the Chevron manager for Ukraine, told the Kiev Post last week that Ukrainian shale reserves may be comparable to those in the United States.

Like Us on Facebook for more stories from UPI.com  
Related UPI Stories
Latest Headlines
Top Stories
First U.S.-made Kalashnikov AK-47s now being sold
Australian Air Force receives first C-27J transport
Donna Karan steps down from company bearing her name
Sea-based radar market tipped to grow over 10 years
Norway: New reserves found in North Sea