Naftogaz, Exxon Mobil Sign MOU on Ukraine's Unconventional Gas

MOSCOW (Dow Jones Newswires), Feb. 18, 2011

Ukrainian national energy company Naftogaz said it has signed a memorandum of understanding and a confidentiality agreement with Exxon Mobil to jointly develop unconventional natural gas in Ukraine.

Naftogaz said the companies will jointly study Ukraine's potential in shale gas, methane production from coal and other unconventional energy sources.

Ukraine's government aims to make the country, which imports gas from Russia, energy self-sufficient both by cutting consumption and by producing its own gas. Naftogaz signed a similar agreement with Russia's Gazprom in December.

Copyright (c) 2011 Dow Jones & Company, Inc.

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