Monday, October 13, 2014

Russian news: Ukraine: The West's Next Fracking Victim - Russia Insider

US interest in Ukraine’s energy resources, a subject that has gone almost unreported but which we have discussed previously, carries on unabated.

Last week Petro Poroshenko, Ukraine’s President, voiced hopes for cooperation with the US in shale gas development. And during her trip to Kiev, US Commerce Secretary Penny Pritzker said the US would assist Ukraine in developing its energy sector.

The key problem however remains as before. For an oil and gas industry, having the main fields stuck in a war zone just about tops the list of worst-case scenarios.

The two biggest investors in Ukrainian energy remain Royal Dutch Shell and Chevron. Shell has a hydrocarbons production-sharing agreement with the Ukrainian government at the Yuzivska field, which lies across Donetsk and Kharkiv regions of Ukraine, slap in the middle of the war zone. As a result Shell has been forced to put shale projects on hold since February 2014. Chevron was luckier, having signed a shale gas production-sharing agreement for the Olesska field, which is in western Ukraine and therefore has been unaffected by the conflict so far.

All this is happening under the slogan of reducing energy dependence on Russia. Supposedly the American shale gas revolution model will help Ukraine achieve that. The US State department acts as the main promoter of shale gas, selecting countries and “helping them understand” their shale gas potential. This noble mission, also supposedly aimed at reducing CO2 emissions, is called Unconventional Gas Technical Engagement Program (UGTEP).

Complete story at - Russian news: Ukraine: The West's Next Fracking Victim - Russia Insider

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