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AFX Europe (Focus): Royal Dutch Shell signs joint exploration venture in Ukraine

June 08, 2006
 
LONDON (AFX) – Anglo-Dutch oil giant Royal Dutch Shell PLC has signed a wide-ranging oil and gas exploration joint activity agreement with Ukrainian group Ukrgazvydobuvannya (UGV).

The agreement — which covers licences, agreed work programme levels and the terms of joint activities — was signed at Royal Dutch Shell’s headquarters in The Hague and was attended by Ukraine’s President, Viktor Yuschenko.

The venture is another milestone for Shell Exploration and Production after an agreement in May last year to carry out joint studies in the Dniepr Donets Basin, central-eastern Ukraine.

The agreement covers an area of more than 31,000 km sq, and is thought to contain potentially significant resources of natural gas.

Under the terms of the joint venture, Shell has farmed into eight UGV licences in the Dniepr Donets Basin, with access to deep potential reservoirs that lie partly beneath large-scale shallower fields, which are already in production.

Shell will acquire a 50 pct interest in the venture covering these licenses — excluding the producing fields — in exchange for a commitment that comprises the acquisition of seismic data and drilling of deep exploration wells over three years. Work is expected to start in June.

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