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.
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