Frontera Signs MoU with Ukraine's Naftogaz for Upstream, LNG Cooperation

Junior energy firm Frontera Resources announced Wednesday that it signed a Memorandum of Understanding on July 13, 2015 with Ukraine’s national energy company National Joint Stock Company Naftogaz of Ukraine, for upstream and LNG cooperation.

The MoU establishes a joint effort on behalf of the companies to work together in upstream exploration and production projects in Ukraine and aims to facilitate the possibility of bringing liquefied natural gas to Ukraine through Frontera’s ongoing work in Georgia, where it has identified 12.9 trillion cubic feet of prospective natural gas resources.

Steve C. Nicandros, chairman and chief executive officer of Frontera Resources, commented in a company statement:

“We are very pleased to continue to advance our initiatives in Ukraine and, in particular, our relationship with Naftogaz.  This important MoU reflects Frontera’s ongoing focus to progress its Greater Black Sea Strategy by pursuing new growth throughout a region that contains significant underdeveloped and under-explored oil and gas potential. Moreover, in conjunction with the significant natural gas resources that our ongoing operations in Georgia have identified, I strongly believe that our closer work with Naftogaz will open avenues to strategically supply Ukraine with LNG from across the Black Sea. This will serve to diversify the country’s supply of natural gas and, by doing so, bring Georgia to the forefront as a strategic supplier of natural gas to Europe.”

The MoU was signed by Andriy Kobolyev, chairman and chief executive officer of Naftogaz of Ukraine and Frontera’s Steve C. Nicandros. The signing took place in Washington, D.C. during the first US-Ukraine Business Forum, hosted by the US Chamber of Commerce in collaboration with the US Department of Commerce.



Have a news tip? Share it with Rigzone!
Email news@rigzone.com

WHAT DO YOU THINK?

Click on the button below to add a comment.
Post a Comment
Generated by readers, the comments included herein do not reflect the views and opinions of Rigzone. All comments are subject to editorial review. Off-topic, inappropriate or insulting comments will be removed.

Related Companies
Events  SUBSCRIBE TO OUR NEWSLETTER

Our Privacy Pledge
SUBSCRIBE

More from this Author
Rigzone Staff
e-mail us at news@rigzone.com
 -  GLA is 'Single Accumulation', Largest ... (Mar 27)
 -  Software Developer Mltech Completes Fi... (Mar 27)
 -  Aberdeen City Council Lifts Finance Ba... (Mar 27)
 -  Shell to Sell Gabon Onshore Assets for... (Mar 24)
 -  Industry Pros Gather for Offshore Achi... (Mar 24)


Most Popular Articles

From the Career Center
Jobs that may interest you
QC Inspector
Expertise: QA / QC / Inspection
Location: Plaquemine
 
Packer
Expertise: Storeman|Warehouse Person
Location: Lovell
 
Drivers
Expertise: Heavy Machinery Operator|Rig Mover|Truck / HGV Driver
Location: Midland, TX
 
search for more jobs

Brent Crude Oil : $50.8/BBL 0.47%
Light Crude Oil : $47.97/BBL 0.56%
Natural Gas : $3.08/MMBtu 0.98%
Updated in last 24 hours