The government and American Aspect Energy signed a PSA for the Varvynska area

The government of Ukraine has approved a resolution on signing the eighth production sharing agreement for hydrocarbons to be produced within the Varvynska area. The area will be developed by a foreign investor – the American Aspect Energy (in Ukraine, the company is represented as Ukrainian Energy LLC).

This is reported by specialized associations and SSGSU.

Varvynska area is located in the Poltava and Chernihiv regions and covers an area of 3,471 sq. km. According to Nadra of Ukraine NJSC, 79 abandoned wells drilled for oil and gas are located within the area. The minimum mandatory investment during the first geological exploration stage is UAH 1 billion.

It should be noted that the state-owned Ukrgasvydobuvannya (Naftogaz Group) sued the Cabinet of Ministers for the Varvynska area (Chernihiv and Poltava regions) but lost and the opportunity to sign the PSA was provided to the American Ukrainian Energy.