Ukrainian President: Energy Independence - Our Strategic Goal

KYIV, Ukraine, August 28, 2012 /PRNewswire/ --

During the 21^st year of Ukraine's independence the country has made a number of steps aimed at increasing its energy independence. Pursuing this strategy is one of the country's priorities for the years to come. This was stated by the President of Ukraine Viktor Yanukovych in his speech dedicated to Ukraine's 21^st National Day.

Following its energy independence strategy, Ukraine has already held oil and shale gas tenders, opened its new gas fields to foreign investors and invested in the development of alternative energy resources.

Ukraine is estimated to possess the fourth-largest shale gas reserves in Europe, as earlier reported The Financial Times. Abundance of shale gas together with vast deposits of hydrocarbons attracted major international energy companies. Thus, earlier in August a group of four companies, led by America's ExxonMobil, won the right to develop oil and gas reserves at the Ukrainian deep marine shelf field Scythian (16,698 square kilometers). Together with Exxon, the Dutch-British Royal Dutch Shell, Romanian OMV Petrom, and Ukrainian state company Nadra will unlock the underwater deposits.

In May 2012, Royal Dutch Shell and Chevron Corp obtained the right to develop Ukrainian shale gas fields Yuzivske and Oleske, respectively. The two fields are expected to provide Ukraine with up to ten percent of domestically consumed natural gas by 2020.

As to development of alternative energy resources, in the last 30 months Ukraine built 20 solar power stations with the total capacity of 270 MW. In 2011 the country launched the largest in Europe and CIS solar power park Perovo in Crimea, southern Ukraine, with the capacity over 105 MW.

Notably, Ukraine is expected to increase its overall solar energy production up to 600 MW in 2012, predicts the international research company Macquarie Research based on the data from the European Photovoltaic Industry Association. In addition, in July 2012 Ukraine's parliament approved the bill, which aims to simplify access of households to the mechanism of 'green' tariffs, providing new impetus to the solar energy development in Ukraine.

Ukraine's efforts to become self-sufficient have resulted in the decreased amount of imported natural gas by 48.77 percent down to 12.8 billion cubic meters in January - May 2012, compared to the respective period of 2011.