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Cadogan Petroleum Plc to Invest USD 500 Million in Ukrainian Oil and Gas Deposits

October 8, 2008

By 2010, Cadogan Petroleum Plc (United Kingdom) intends to invest USD 500 million in the development of 11 Ukrainian oil and gas deposits, as well as the development of the gas processing and gas transportation infrastructure. Mark Tolley, CEO of Cadogan Petroleum plc, announced this at a press conference.

According to a LigaBusinessInform reporter, M. Tolley noted that the main share of the capital, which the company plans to invest in Ukraine, was obtained from international investors, banks, and financial funds. In 2008 the investments will amount to USD 196 million, in 2009 it is planned to invest USD 166 million, and USD 125 million – in 2010.
The company plans to invest the funds in the development of Ukrainian deposits in the Karpatskyi and Dnipro-Donetskyi basins. Eleven deposits occupy the area of around 1,150 square meters, where, according to the evaluation of Gaffney Cline&Associates Ltd, the total amount of proven and expected reserves is estimated at 80.4 million barrels of oil equivalent, of which natural gas makes around 72%.

Moreover, M. Tolley noted that the investments will also be used for construction of three gas-processing plants. The first one, with a daily capacity of 2 million cubic meters, will be built in the western region of Ukraine, at the Borona deposit. The second, with the same capacity – at the Pirkivske deposit. And the third, with a tested daily capacity of 500,000 cubic meters – at the Porkovske deposit. According to M. Tolley, all the gas processing plants will be launched by mid-2009.

By 2016, the company plans to increase the daily extracting capacity to the level of 16,000 barrels of oil equivalent. The company plans to sell the entire amount of the extracted gas to Ukrainian customers, which, in the opinion of M. Tolley will allow reducing the Ukrainian energy dependence on the Russian gas.

Tags: investment, oil, gas