ExxonMobil Exploration and Production Ukraine bv closes its Kyiv office

Source : 112 Ukraine

This decision came month after Chevron decided to stop its work in Ukraine
14:36, 6 August 2015


As it came to light, the heads of ExxonMobil Exploration and Production Ukraine bv decided to close its office in Kyiv August 3, states the press office of the company. The decision does not touch the other ExxonMobil offices in Ukraine.
Ukraine in 2012 held a competition for the conclusion of a production sharing agreement (PSA) on the Scythian area on the Black Sea shelf. The winner was a consortium led by ExxonMobil Exploration and Production Ukraine BV (40%), Shell (35%), Austria's OMV in the face of the Romanian "daughter" Petrom (15%) and NAK "Nadra Ukrainy" (10%).
After the annexation of Crimea by Russia, US Ambassador to Ukraine Geoffrey R. Pyatt in June next year, said that the American ExxonMobil does not plan to develop the Crimean Black Sea shelf.
Earlier, the total investments in the Scythian area was estimated at $ 10-12 bln, the projected annual production of natural gas was up to 3-4 bln cubic meters, revenues amounted to $80-90 bln.
As previously reported, ExxonMobil froze almost all projects in Russia due to the US sanctions. ExxonMobil has had continuous downstream business involvement for 20 years in Ukraine.

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