Flow Energy and Environmental Operations S.A. poises to invest € 1 into oil&gas fields in Ukraine

The Greece-based Flow Energy & Environmental Operations S.A. was interested in oil and gas fields put for 18 June 2019 online tender in Ukraine, as released by Mr. Oleg Kyrylyuk, Chairman of the State Service for Geology of Ukraine (Derzhgeonadra).

The representatives of Flow Energy & Environmental Operations S.A. visited Derzhgeonadra’s data-room to familiarize themselves with the primary and secondary geological information regarding 5 hydrocarbon formations.

Currently, the company is studying materials to make their final decision on participation in the planned online auction.

The participation of foreign companies in the online bidding for subsoils use and development in Ukraine is still not that high. But Derzhgeonadra is actively working on encouraging more new foreign investors.

"Changes in the sphere of subsoil use of Ukraine are tangible for foreign investors, and despite the fact that the stock of Flow Energy & Environmental Operations S.A. are not big, we intend to take part in the nearest auction, where we are interested in 5 oil and gas fields, with a total value of more than 1 million euro. I hope that this is just the beginning and we will be active participants in the Ukrainian energy market" as stated by Ms. Theresa Fokiani, President and Chairman of the Board of Directors of Flow Energy and Environmental Operations S.A.

As reported earlier, on 18 June 2019, the State Service of Geology and Subsoil of Ukraine will hold the next-in- the-row tender on the ProZorro e-procurement platform. With a starting price of UAH 100 million, tender will auction 9 hydrocalbon-rich fields. The fields are located in three administrative regions of Ukraine, and spread over 2 thousand square kilometers. The validity of the special E&P permits being auctioned is set for 20 years.

By way of reminder, starting March 6, 2019, the State Service of Geology and Subsoil of Ukraine conducted their first ProZorro e-procurement online auctions for the sale of special permits for exploration and production of oil and gas ..

Previously, the Cabinet of Ministers of Ukraine approved the Resolution "On the Implementation of a Trial Project on Holding of Online Electronic Auctions for the Sale of Special Permits for the Use of Subsoils". According to the Resolution, holding of auctions for the sale of special permits for use of subsoil shall be carried out solely in accordance with the Provisional Order set forth by the Resolution.

Since the effective date of the Resolution, the Derzhgeonadra has sold through online auctions the 16 special permits for the use of subsoils and yielded UAH 380 million to the national state budget.

11:32 / 14 June, 2019

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