The Globe And Mail

Ukraine signs $10-billion shale gas deal with Chevron
The Globe And Mail

Ukraine signed a $10-billion shale gas production-sharing agreement with U.S. energy giant Chevron Corp. on Tuesday, another step in a drive for more energy independence from Russia.

The deal to develop its western Olesska field followed a similar shale gas agreement with Royal Dutch Shell PLC in January and boosts Ukraine’s leadership at a time of fraught relations with Moscow over gas supplies. “The agreements with Shell and Chevron … will enable us to have full sufficiency in gas by 2020 and, under an optimistic scenario, even enable us to export energy,” President Viktor Yanukovich told investors shortly before the signing.

The highest end of expectations for Olesska’s potential reserves would match around three years of European Union gas demand, but similarly sunny hopes for shale reserves in neighbouring Poland have been very sharply downsized.

The agreement with Chevron, to extend for 50 years, foresaw an initial investment of $350-million by the U.S. major in exploratory work over two or three years, Stavytsky said, aimed at establishing the commercial viability of shale reserves in the 5,260 square km Olesska, part of a band of shale that stretches from the Baltic to the Black Sea. Earlier government figures set total investments, including extraction after exploratory drilling, at around $10-billion.

Cette manne économique aurait pu déferler sur le Québec, mais un gérant d’artistes, devenu ministre de l’Environnement un peu par accident, a décidé que le Québec allait rester pauvre…