Ukraine loses Crimean offshore production to Russia

Offshore staff

FAVERSHAM, UK – Ukraine’s oil and gas production appears to have been largely unaffected by Russia’s annexation of Crimea and the uprising in the far east of the country, according to analysts Douglas-Westwood.

Most of the Black Sea state’s producing gas fields are located away from the areas of unrest – however, Ukraine has lost control of its offshore deposits due to their location in Crimean waters. Local authorities are due to hand over producer Chernomornaftogaz to Russia’s Gazprom.

DW predicts this will lead to Ukraine losing out on approximately 117 MMboe of gas production over the next seven years, and 50 offshore well completions over this period.

06/02/2014

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