Frontera Resources Corporation has signed a Memorandum of Understanding for upstream cooperation with UkrGasVydobuvannya, a subsidiary of Ukraine’s national energy company Naftogaz.
The MOU follows a strategic MOU between Frontera and Naftogaz, which was signed in July 2015, and serves to create a more detailed framework of technical and commercial cooperation in order to move towards implementation of joint work in specifically targeted upstream exploration and production projects in Ukraine.
Steve C. Nicandros, Frontera’s chairman and CEO, commented in a company statement:
“Frontera is very pleased to continue to advance its work with Naftogaz and to further focus its upstream initiative in Ukraine with UGV as an important element of our Greater Black Sea Strategy.
“Ukraine represents a unique opportunity for meaningful growth in Europe with its significant underdeveloped and under-explored oil and gas potential such that, with joint initiatives like ours, it will accelerate its path toward becoming an important supplier of energy not only to its domestic markets, but also to greater Europe in years to come. With this in mind, we are very pleased to continue to advance our work with the forward-looking management of Naftogaz and UGV.”
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