Poltava Petroleum Company releases information on the Novomykolayvske gas field
JV Poltava Petroleum Company (PPC) continues to publish geological information about their fields as a part of a unilaterally pioneered project on geological data publicity, as reported on the company’s webpage ppc.net.ua on 13 June 2019. .
PPC is the first gas producing company in Ukraine that voluntarily disclosed such data. The goal of the project is to contribute to the development of civilized circulation of geological information and transparency in use of subsoils.
They started this transparency project with the published data on Yelizavetivske gas field.
According to the company’s stance, the availability of access to geological data is an important element in the decision-making process by an investor. In addition, the publicity of activities held by private and state-owned companies will help to cope with the problem of so called “sleeping licenses”, or the licenses without any commenced.
“Unfortunately, we did not see any respective steps from other subsoil users after we did our first step, i.e. disclosed data on the Yelizavetivske gas field. However, continuing this project and disclosing information about our gas fields, we do hope that state and private companies will join the process of revealing secondary information. Such steps will contribute to further development of the oil and gas industry, creation of a competitive environment, and will allow the state to attract new investors”, said Mr. Victor Gladun, CEO of JV PPC
The document posted on the company's website contains such data as the history of the gas field and its development, production volumes in the entire history, seismic data, and formation structural maps.
Earlier, the Cabinet of Ministers of Ukraine adopted Resolution #939 dated November 7, 2018 and liberalized the Procedure for the geological data management (the Procedure). According to it, legal entities and individuals, who possess geological information, can publish for the general public access. Also, the Procedure stipulates that the state-owned secondary information (additionally processed data) should be accessible online.
JV Poltava Petroleum Company (directed by Mr. . Viktor Gladun, and jointly founded by JP Kenny Exploration & Production Ltd. (UK) , Poltavagasprom LLC(Ukraine) and Poltavanaftogasgeologia LLC (Ukraine)) is a joint Ukrainian-British joint venture founded in 1994. JV PPC is the leader among privately-run oil and gas producers in Ukraine. The PPC holds special permits for prospecting, exploration, and production of oil and gas in Ukraine.
The special permits granted to PPC include Zaplavskaya hydrocarbon-rich area with Rudenovevskoe gas&oil field, Ignatovskoe gas&oil field, Novomykolaivskoe gas&oil field, Movchanivskoe gas&oil field, and Elizavetovskoe gas&oil field. The hydrocarbon production and processing by the PPC in 2018 reached 181.45 million cubic meters of natural gas and 33.64 thousand ton of associated light oils ( natural gas condensate).