fbpx
Size of letters 1x
Site color
Image
Additionally
Line height
Letter spacing
Font
Embedded items (videos, maps, etc.)
 

Ukrainian Parliament significantly simplifies the procedure for entering into Production Sharing Agreements

23/ 12/ 2019
  On 19 December 2019 the Parliament adopted Draft Law No. 2240 which, among other matters, introduces significant amendments to simplify the procedure for entering into Production Sharing Agreements (PSAs). Specifically, the Draft Law cancels the requirements to: carry out environmental impact assessments (EIAs) of PSA drafts. From now on, PSA investors are only required to carry out EIAs of actual works under a PSA (for example, drilling of wells, construction of infrastructure facilities, etc.) after the PSA is signed; and obtain local councils approvals of PSA drafts. The Draft Law will become effective once it is signed by the President and published in the official media. These latest changes are part of a major effort by the Ukrainian Government to attract foreign investors to develop Ukrainian oil and gas projects. We expect the Government to announce new PSA tenders, including for offshore areas, shortly. If you would like to know more about the subject covered in this publication, or our services, please contact Dmytro Fedoruk.

On 19 December 2019 the Parliament adopted Draft Law No. 2240 which, among other matters, introduces significant amendments to simplify the procedure for entering into Production Sharing Agreements (PSAs). Specifically, the Draft Law cancels the requirements to:

  • carry out environmental impact assessments (EIAs) of PSA drafts. From now on, PSA investors are only required to carry out EIAs of actual works under a PSA (for example, drilling of wells, construction of infrastructure facilities, etc.) after the PSA is signed; and
  • obtain local councils’ approvals of PSA drafts.

The Draft Law will become effective once it is signed by the President and published in the official media.

These latest changes are part of a major effort by the Ukrainian Government to attract foreign investors to develop Ukrainian oil and gas projects.

We expect the Government to announce new PSA tenders, including for offshore areas, shortly.

If you would like to know more about the subject covered in this publication, or our services, please contact Dmytro Fedoruk.

This material is provided by a member company or partner organization of the European Business Association as part of an informational collaboration. The Association is not responsible for the accuracy, completeness, or reliability of the information presented. The views, opinions, and recommendations expressed in this material are solely those of the authors and do not reflect the official position of the European Business Association.

If you have found a spelling error, please, notify us by selecting that text and pressing Ctrl+Enter.

Start
in the Telegram bot
Read articles. Share in social networks
Nationwide Minute of Silence
01:00
09:00
Nationwide Minute of Silence
Let us honor the memory of all those who lost their lives in russia’s war against Ukraine
00:43

Spelling error report

The following text will be sent to our editors: