Frontera Resources & Naftogaz Ukraine gas joint venture project
Frontera Resources, the AIM traded oil-gas exploration company kicks off the joint venture project with Ukraine Naftogaz.
Frontera Resources moved to solidify its expansion into Ukraine on Tuesday, signing a memorandum of understanding (MOU) with UkrGasVydobuvannya (UGV), a subsidiary of the country’s national energy company Naftogaz.
The AIM-traded independent oil and gas exploration and production company said the MOU furthered a joint effort initially established last year between Frontera and Naftogaz.
During July 2015, the two entities moved to work together in upstream exploration and production projects in Ukraine, as well as to study the possibility to bring liquefied natural gas to Ukraine from Frontera’s ongoing work in Georgia where it had identified prospective natural gas resources of as much as 187trn cubic feet.
This MOU served to create a more detailed framework of technical and commercial cooperation between Frontera and UGV, the company’s board explained, in order to move towards implementation of joint work in specifically targeted upstream exploration and production projects in Ukraine.
“Frontera is very pleased to continue to advance its work with Naftogaz and to further focus its upstream initiative in Ukraine with UGV as an important element of our Greater Black Sea Strategy”, said Frontera chairman and CEO Steve Nicholas.
“Ukraine represents a unique opportunity for meaningful growth in Europe with its significant underdeveloped and under-explored oil and gas potential such that, with joint initiatives like ours, it will accelerate its path toward becoming an important supplier of energy not only to its domestic markets, but also to greater Europe in years to come”, he explained.
Latest Posts
Popular Post
- Reservoir Minerals copper exploration project halted by Macedonia Gevgelija local authorities
- What Are The Major Natural Resources Of Macedonia?
- Mine waste failures and tailing spills in Serbia
- Ariana Resources at Kiziltepe gold mine in Turkey still mining strongly with record level of ore production
- Uzbekistan completes copper mine expansion project
- Dundee reports record gold production in second quarter in Bulgaria
- $700 million invested by Vallex Group in Armenia’s mining industry over past two decades
- Macedonia Valandovo local community mobilizes against copper mine exploitation
- UK Mineco lead zinc Mine Gros marks 2018 record production and announces 2019 investment
- Rio Tinto is ecological catastrophe for Serbian citizens