Chevron refuses Olesssa development areas

Chevron officially informed the government about the unilateral withdrawal from the project.
The company Chevron decided to unilaterally withdraw from the project on development Olesky area. This agency “Interfax-Ukraine” a source in the government.

“The US oil company Chevron, which signed with Ukraine last year production-sharing agreement on the development of hydrocarbons in the area Olesky officially informed the government about the unilateral withdrawal from the project,” – said the official.

According to him, the company stated in a letter to list specific reasons for the rejection of the prisoner CRP, which is very clear that the Government of Ukraine and the Ministry of Finance is not implemented in a timely November 18 those commitments to bring its legislation into line with current legislation Ukraine.

“In fact, the Finance Ministry has given formal reason of Chevron avoid contractual obligations on investment in Ukraine’s economy at least 350 million dollars over the next five years,” – said the source.

Furthermore, he added that in the current tax system in signing new CRP is quite unrealistic.

“At the initiative of the same Ministry of Finance, in August fee for subsoil use in gas production was increased twice and common to all projects, including CRP, the principle of which is the transfer of the state of the extracted products instead of cash payments. Obviously, pay extremely high taxes and simultaneously count of extracted resource, no investor wants, “- said the official.

Recall that last year Ukraine has signed an agreement with Chevron for shale gas in Olesko field . Under the agreement, the company has invested 350 million dollars in exploration of shale gas in the Lviv and Ivano-Frankivsk regions.

Recall that the intention to extract shale gas in the Lviv and Ivano-Frankivsk regions were local residents and geologists, holding rallies in cities. Deputies of the Lviv and Ivano-Frankivsk regional councils do not coordinate draft agreement on production sharing (PSA) with Chevron on development located in these areas Olesky area. Because of this, Chevron began conducting in these areas of public hearings on the issue of shale gas .

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