Four companies compete over the Ukrainian Black Sea Shelf’s "Dolphin" gas&oil field

As of recent, four companies, Trident Acquisitions Corp (Trident Black Sea), Frontera Resources, PrJSC “MC "Ukrnaftoburinnya", and Caspian Drilling Company have submitted their bid proposals for obtaining a special permit to explore, develop, and produce hydrocarbons under the PSA terms at the "Dolphin" gas&oil field on the Ukrainian Black Sea Shelf.

This was announced at the Bid Opening Session held by the tender committee.

By way of reference, on 12 April 2019, the Cabinet of Ministers of Ukraine announced the terms for conducting a tender for the production of hydrocarbons on the Black Sea Shelf

According to the terms and conditions of the tender, the state's share under the proposed PSA should be not less than 11% of total volume of actual hydrocarbon production, and the maximum share of the investor is determined as 70% of all hydrocarbons being produced.

The competitors the Ukrainian Black Sea Shelf’s "Dolphin" gas&oil field include:

  • Trident Acquisitions Corp is a US - based company created for exploration and production of oil and gas in Ukraine. The company is chaired by Mr. Edward Verona, and directed by Mr. Ilya Ponomarev.
  • Frontera Resources is an international company for the exploration and production of hydrocarbons. The main assets of the company are located in Moldova and Georgia. Frontera's strategy is to identify opportunities in emerging markets in Eastern Europe and littoral states of the Black Sea.
  • PrJSC “MC "Ukrnaftoburinnya" (chaired by Mr. Mr. Mikhail Bakunenko) is one of the largest private gas producers in Ukraine. The main activities of the company include production of natural gas and gas condensate at the Sakhalinske oil&gas field in Ukraine.
  • Caspian Drilling Company is an international oil company engaged in offshore exploration and drilling operations in the Caspian region. The company is headquartered in Baku, Azerbaijan, and was founded by SOCAR.
15:30 / 13 June, 2019

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ODESA OFFSHORE CONFERENCE-2019 Ukraine has every chance to resume the work of the most promising oil and gas region, the Southern oil&gas fields. The untapped deposits of oil and gas are located both onshore and subsea. Four companies have already poised to conclude Production Sharing Agreements with Ukraine, whilst bidding for the Dolphin oil&gas fields on Black Sea shelf. The Odesa Offshore Conference (OOC2019) will serve as a venue for Ukrainian and international bidders to meet with local and international drilling, oilfield service and equipment manufacturers to kick-off emerging subsea and onshore projects in Ukraine.
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