Zakhidnadraservis was the first company to start working under the PSA

Well Co LLC, part of Zakhidnadraservis Group, started geological exploration at the Uhnivska area (Uhniv acreage) on June 4, 2021, as per the terms of a production sharing agreement (PSA). This was reported to ExPro editors in the Group.

Thus, Zakhidnadraservice was the first company to sign 8 production sharing agreements and start geological exploration in the area. According to the report, 3D seismic is being acquired of the specified acreage of 39 sq km at the Sadzhavska area (Ivano-Frankivsk region). These works are expected to be completed in July 2021.

The seismic survey in the area is carried out by the company from the orbit of Zakhidnadraservis Group – Georozvidka LLC, which has the necessary modern equipment and highly qualified professionals to carry out the geophysical works. The data obtained during these works are processed by specialists using the latest technologies and modern software and are then used to prepare the drilling points.

It should be noted that Zakhidnadraservis won the PSA competition for the Uhniv acreage, located in the Lviv and Ivano-Frankivsk regions in July 2019. To participate in the competition, Well Co LLC was established - a company that ensures the fulfillment of all commitments under this agreement.

Recall that on December 31, 2020, the government signed a PSA for 7 oil and gas area with Ukrgasvydobuvannya JSC (Buzivska, Ivanivska, Balakliyska, and Berestyanska), DTEK Naftogaz (Zinkivska), Zakhidnadraservis (Uhnivska) and Geo Alliance (Sofiyivska). A little later (on January 14, 2021), the government also approved a resolution on signing the eighth production sharing agreement for hydrocarbons to be produced within the Varvynska area site. The area will be developed by a foreign investor – the American Aspect Energy (in Ukraine, the company is represented by Ukrainian Energy L. L. C).