Cadogan, Eni Move Toward Ukraine Shale Gas Development

Cadogan, Eni Move Toward Ukraine Shale Gas Development:

"

Zakhidgazinvest LLC will examine the environmental state of areas for shale gas exploration, reports the press service of Volyn Regional State Administration.

During the first phase, Zakhidgazinvest (Westgasinvest) intends to explore the area in Ivanychi district of the Ivano-Frankivsk region. "With good organization and proper preparation, the work on the exploration of shale gas deposits could begin in the summer of 2014," said the administration.

In October 2012, Cadogan Petroleum Plc  and Nadra Ukrainy sold a 50.01% stake in unconventional gas joint venture Zakhidgazinvest to Eni S.p.A. Cadogan retained a 15 per cent stake while Nadra Ukrainy holdings dropped to a 34.99 per cent stake.

The deal followed a cooperation agreement signed between Cadogan and Eni in 2011, under which the two companies agreed to invest up to $55 million (USD) in shale gas exploration and production in Ukraine."

'via Blog this'