News

Poltava Petroleum Company Supports Open Auctions for Oil and Gas Licenses

JV PPC for competition in the oil and gas marketу

Kyiv, 6 December 2018 – Today, the State Service for Geology and Subsoil of Ukraine launched the first online auction for oil and gas licenses in the history of the country. In particular, 10 out of the 30 lots to be put up for sale in March 2019 have already been published.

Poltava Petroleum Company (PPC) fully supports this historic decision, because we believe that open auctions are the only way to attract international investors and achieve substantial growth in Ukraine’s gas production.

“PPC has always advocated in favor of a transparent system for selling licenses, including via online auctions. This is one of the basic principles of a civilized and competitive oil and gas market,” commented Victor Gladun, Director General of PPC.

PPC plans to study all the plots on offer and, if interested, participate in the auction. We also hope that the Government and the State Service for Geology and Subsoil will continue implementing the Roadmap to accelerate organization of oil and gas auctions, and that open auctions will in time become the undisputed standard for distribution of oil and gas licenses.

Poltava Petroleum Company would like to thank the Association of Gas Producers of Ukraine, the Ukrainian Energy Exchange and the Prozorro system for supporting reforms in the oil and gas sector, which made possible this new approach to distributing licenses.