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US $10.00
Cabinet revokes the license to the strike of Production Sharing Deal with Vanco International
The Council of Ministers of Ukraine ended its resolution No. 828 of October 3 approving the agreement with Vanco International on sharing products of Kerch shelf in the Black Sea, Resolution No. 740 of May 21
In the same resolution, the government, due to non-compliance in the preparation and signing of the agreement, decided to terminate the participation of Ukraine in the operation.
In April 2006, Vanco International, a subsidiary of Vanco Energy (USA), won the tender invited by the Ukrainian Cabinet for the development of deposits in the Black Sea shelf oil and gas.
The product-sharing agreement was signed October 19, 2007.
The Environmental Protection Department has decided April 25 to cancel the permit Vanco Prykerchenska Ltd. to develop the platform.
In response, Vanco Prykerchenska Ltd. has launched arbitration proceedings against the Cabinet of Ministers of Ukraine asserting that he has refused to negotiate.
On 19 May, First Deputy Prime Minister Oleksandr Turchynov announced that the Cabinet of Ministers has decided to withdraw from the production sharing agreement with Vanco International, which gave the right to develop oil fields and gas concession on the block on the plateau of the Black Sea to Vanco Prykerchenska.
The Cabinet decided May 21 to end the sharing of proceeds agreement that was signed with Vanco International Ltd., which had given the right to develop oil and gas Vanco Prykerchenska Ltd. (Islands Blank), whose founders were not disclosed.
26 May, the Ministry of Environmental Protection of Ukraine declared its readiness to begin negotiations with Vanco Prykerchenska Ltd. (Virgin Islands) on the development of the Black Sea shelf.
"We are open to all civilized negotiations, including our working group," the press service said, without specifying whether the group had already begun negotiations with the company.
The Ministry of Environmental Protection of Ukraine annulled license to Vanco Prykerchenska Kerch deposits development.
Later, Environmental Protection Minister Heorhii Filipchuk said that Ukraine has not withdraw from the agreement with Vanco International, but suspended.
About the Author
He has a background as civil engineer and geoscientist. He has worked mainly within the oil and gas industry from the mid 1980s. He has written some few fictional novels as well as author of some professional litterature within oil and gas sector, he is now an editor of some web sites, mainly within the travel business.
www.lulu.com/stig
www.ec-ba.com
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