The company has already received a special permit from the State Service of Geology and Mineral Resources for the use of mineral resources within the Oleska area.

The Ukrnafta has become a party to the production sharing agreement that will be produced in Oleska area. The other party to the production sharing agreement is the State represented by the Cabinet of Ministers of Ukraine.

The company begins the exploration work in a potentially oil and gas-bearing area of 6.32 thousand square kilometers in the west of Ukraine.

Why this is important for the country and company:

• In addition to traditional oil and gas deposits, the non-traditional ones (shale gas, gas from dense reservoirs) are expected to be discovered in Oleska area. Therefore, successful exploration and further development may mean the start of production of unconventional hydrocarbons in Ukraine.

• The company's resource base will grow: 6,324 square kilometers of new area with oil and gas resources will be added to the existing 2,125 square kilometers of field area.

• The Ukrnafta already has all the necessary technological facilities near the Oleska area, which will. allow efficient work there.

• The development of the new area will ensure stable revenues to the state budget from future production.

• Active exploration and development of hydrocarbon deposits will reduce dependence on imports and global market prices, and will create jobs in the Lviv and Ivano-Frankivsk regions.