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Ukraine to hold public bidding for Black Sea oil, gas exploitation
[March 04, 2006]

Ukraine to hold public bidding for Black Sea oil, gas exploitation

(Comtex Energy Via Thomson Dialog NewsEdge)KIEV, Mar 4, 2006 (Xinhua via COMTEX) -- Ukraine will hold an open bidding on
March 25among investors interested in taking part in the
exploration of the oil and natural gas fields on the Black Sea
continental shelf, President Viktor Yushchenko said Saturday in a
radio speech.

Fifteen famous companies worldwide have registered for the
bidding, which marks the first of its kind to attract investment
partners in tapping energy resources on the Ukrainian part of the
Black Sea, the president said.

The successful bidder will sign an agreement with the Ukranian
side on the distribution of products from the oil and natural gas
fields in question.

The 15 potential bidders are from the United States, Turkey, Brazil, China, Britain, Germany and Ukraine, and include such
industry giants Shell, Shevron and Exxon.

The oil and gas fields, located off the coast of the Kerch
strait, cover an area of 12,960 square km and lie 70 to 2,000
meters beneath the sea surface.

President Yushchenko added that Ukraine, which pumped some 4.1
million tons of oil and 20 billion cubic meters of natural gas in
2005, needs to further increase output amid price hikes of the
international energy market.

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