Ukraine Energy Minister: Energy Independence is Our Top Priority
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Ukraine Energy Minister: Energy Independence is Our Top Priority

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Ukraine Energy Minister: Energy Independence is Our Top Priority PR Newswire WASHINGTON, June 5, 2012 WASHINGTON, June 5, 2012 /PRNewswire/ -- Achieving energy independence has become top priority for President of Ukraine Viktor Yanukovych.

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Ukraine Energy Minister: Energy Independence
is Our Top Priority
PR Newswire
WASHINGTON, June 5, 2012
WASHINGTON
,
June 5, 2012
/PRNewswire/ --
Achieving energy independence has become top priority for President
of Ukraine Viktor Yanukovych. Such statement was made during the
Washington
meeting of the working group on energy security co-
chaired by the Ukrainian Energy and Coal Industry Minister Yuriy
Boyko and Special Envoy of
the United States
Secretary of State for
Eurasian Energy Richard Morningstar.
The United States
welcomed the steps taken by the Ukrainian government to
create volatile economy model. "A successful energy program will reduce
dependence on traditional resources such as gas," said Richard Morningstar.
"
Ukraine
has made concrete steps toward development of shale gas
production. The first license tenders have been awarded to Shell and Chevron.
Ukraine
will continue moving in this direction, since the potential of shale gas is
huge," said Yuri Boyko. According to the minister,
Ukraine
will soon hold new
tenders for the development of two deep-water areas on the Black Sea shelf.
During the meeting the working group also discussed issues of energy security
in Eurasia, the U.S. and the EU's position regarding the "South Stream",
prospects of creating Consortium to manage and finance Ukrainian GTS
modernization, ways of diversifying energy supplies to
Ukraine
, as well as the
reform of Ukrainian state owned oil and gas company Naftogaz. The parties
approved of the progress of the program of reactivation of the dormant
marginal oil and gas fields. This project has been supported by the U.S. Agency
for Trade and Development and the U.S. Department of Energy.
The Working Group also highlighted bilateral cooperation in the nuclear sector.
"
Ukraine
fulfilled all its promises to transfer highly enriched uranium to
the
United States
. Moreover, we are actively working on improving nuclear safety
programs at Ukrainian nuclear power plants and have achieved significant
results there," concluded Boyko.
In
February 2011
Ukraine and
the United States
signed the Memorandum of
Understanding On Unconventional Gas Resources, which includes a program of
joint activities between the two countries for the development of
unconventional gas production in
Ukraine
.
Previously, Energy Minister Boyko stated that
Ukraine
planned to set up
domestic shale gas extraction in five years. Comparatively, it took the U.S. 20
years to accomplish similar goal. By 2020 Ukraine plans to extract four to five
billion cubic meters of shale gas annually.