CMS advises Expert Petroleum on Ukraine’s first Hydrocarbon Production Enhancement Contract
CMS Kyiv is pleased to announce that it has assisted Expert Petroleum, an international company specialised in mature oil and gas field operations optimisation, in its negotiations with UkrGasVydobuvannya (UGV), Ukraine’s major state-owned natural gas production company, on the first ever full-scale Production Enhancement Contract (PEC) in the history of Ukraine’s oil and gas industry.
The strategic objective of UGV’s PEC project is to intensify gas production and reserves from mature and depleted gas fields by assigning their management and operation to the experienced contractor who will employ modern technology and equipment to maintain the baseline production and achieve some further additional gas output at these fields. Over recent years Expert Petroleum has implemented production enhancement for more than 1,500 oil and gas wells across Romania and Hungary.
Vitaliy Radchenko, CMS partner and Head of Energy & Projects, comments: “We are very pleased to support Expert Petroleum as they extend their footprint in Ukraine. This innovative contract is the first of its kind in Ukraine and we are confident that we will see more deals of this type, as they are a clear win-win for both the client and the customer given that Ukrainian oil and gas fields are mostly mature. CMS is well placed to advise on complex oil and gas contracts such as this PEC, given our successful track-record representing world’s major oil and gas companies in Ukraine and across CEE”
CMS advised Expert Petroleum on all Ukrainian law matters in connection with negotiating and executing the PEC with UGV.
Vitaly Radchenko led the CMS project team and was supported by Maryna Ilchuk, Volodymyr Kolvakh and Viktoriia Stavchuk.
For further information, please contact:
Darina Gordienko, Senior Business Development Executive
T: +38 044 391 3377
NOTES TO EDITORS
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