Ukrnafta to extract hydrocarbons from Olesskaya deposit in Nadra Ukraine's place

MOSCOW. April 8 (Interfax) - Ukrnafta will implement the production-sharing agreement (PSA) at the Olesskaya deposit in the Lvov and Ivano-Frankovsk regions instead of the Nadra Olesskaya company owned by the Nadra Ukraine national joint stock company.

"To consent to the transfer of 100% of rights and obligations of Nadra Olesskaya to Ukrnafta," Ukrainian media outlets said, citing the Ukrainian government's order of April 4, 2025, published on the government's website.

The document approves a draft of the relevant agreement amending the PSA for the Olesskaya deposit between Ukraine and Nadra Olesskaya dated November 5, 2013.

As reported, on November 5, 2013, Ukraine, the company Chevron Ukraine B.V. and Nadra Oleskaya signed the production-sharing agreement for the Olesskaya shale gas deposit, located in the Lvov and Ivano-Frankovsk regions.

The Ukrainian side in the PSA was represented by Nadra Olesskaya, a joint venture between Nadra Ukraine holding 90% of shares in the JV and SPK-Geoservice holding the remaining 10%.

However, Chevron decided to unilaterally withdraw from the project to develop the Olesskaya deposit in 2014. In June 2014, Chevron Ukraine B.V. announced the termination of its activities in Ukraine.

As reported, in May 2023, the Ukrainian Energy Ministry said that almost all oil and gas production-sharing agreements were suspended due to the crisis, with investors using the force majeure provision. In June 2024, Ukrainian Energy Ministry Nikolai Kolesnin said two out of 12 PSA were being implemented in Ukraine with a total hydrocarbon production of over 100 million cubic meters at the time.