Naftogaz Group seeks permission from the Antimonopoly Committee of Ukraine to acquire equity rights to Nadra Yuzivska LLC, which enjoys the right to develop the Yuzivska hydrocarbons block in Donetsk and Kharkiv regions.

Over the past 6 years, no work has been carried out at the Yuzivska Gas Field, resulting in both gas and tax losses for the state. In turn, Naftogaz will be ready to commence work in the Yuzivska area immediately after formal procedures.

The company will accede to the Production Sharing Agreement (PSA) and ensure the sustainable fulfillment of obligations for the development of the Yuzivska area, which were determined by the results of an open tender in 2012. Another internationally recognized successful bidder, Shell, decided to withdraw from the project.

Naftogaz has already evaluated the Yuzivska area based on the available geological data. Moreover, the company is developing the Svyatogirsk field, which is located in the middle of the Yuzivska area. Over 20 other company's areas either border or are located in close proximity to the Yuzivska area.

“Ukraine can no longer hesitate with the exploration of new promising areas amid the declining production at the brown fields. With the necessary geological data and expertise in developing adjacent areas, Naftogaz will be able to ensure sound commencement of work in the Yuzivska area in the shortest possible time. After confirming hydrocarbon reserves, eliminating the existing political and economic risks, and improving the pricing environment, we plan to attract international investors to the development of this area,” said Oleksandr Romanyuk, Director of the Exploration and Production Division.