In spring 2008, the Yuliya Tymoshenko government annulled the contract but it has been revived after a positive decision by the Stockholm Arbitration Court. Donetsk oligarch Rinat Akhmetov is searching for joint investors in the Vanco project.
Royal Dutch Shell won a tender in 2012 in a consortium with other international petroleum companies for the exploration of offshore deep-water reserves in the Black Sea’s Skifska field. They agreed to pay an upfront premium of $300 million upon signing the PSA and pledged to invest $200 million in the exploration phase.
The fourth policy, probably the most important, is supporting an expansion of gas production
Chairman of Royal Dutch Shell Ukraine Graham Tiley told the Ukrainian edition of Forbes magazine last year that it is entirely feasible for a three-fold increase in gas production from the current 20 billion cubic meters.
In the 1960s and 1970s, Ukraine was the biggest gas producer in the Soviet Union and much of this infra-structure of pipelines, underground storage and expertise remains. From the late 1970s the center of Soviet energy moved to Western Siberia and Central Asia.
One of the companies supporting Ukraine’s drive for energy independence is Cub Energy, a relatively small player in Ukraine’s energy sector registered in Toronto, a city it chose believing it offered better opportunities than London or Oslo.