PJSC Ukrnafta extended the deadline for submitting applications from potential partners within the tender announced in 2023 for joint development of fields until September 10, 2024, the company reported.

"Considering the interest of investors who were unable to participate in the first tender, and the availability of fields with potential for joint development, the company decided to extend the deadline for submitting applications for some fields until September 10, 2024," it said in a press release on Friday.

According to the release, the process of finalizing the terms of cooperation with the companies that submitted the best proposals is currently underway, preparing to submit joint applications to the interdepartmental commission for organizing the conclusion and implementation of production sharing agreements and the subsequent approval of the final terms of the PSA by the Cabinet of Ministers.

As reported, in the fall of 2023, Ukrnafta proposed 21 fields for joint development and invited investment and production companies to cooperate: 10 fields in the west and 11 in the east of Ukraine. Applications, according to updated data, were accepted until March 11, 2024.

On July 5, Denys Kudin, Executive Vice President for Corporate Strategy and Development, said that Ukrnafta had received applications from six companies for the joint development of 15 fields out of 21 proposed by it for investment in 2023. According to him, no one applied for six fields, only one application was received for some fields, and two for others, so a certain internal competition has to be held for them.

Kudin specified that the largest offer for investment in one field is $100 million, the smallest is $7 million.

He predicted that the process of attracting investors for joint development of fields would be completed by the end of this year.

Kudin said that in the process of searching for investors, Ukrnafta proactively contacted approximately 200 companies, and negotiated with a number of companies at industry conferences. Of this number of potential investors, just over 50 responded, and of them, 35 companies passed compliance and were admitted to the Virtual Data Room with detailed information about the fields.