Ukraine bans Vanco from exploring shelf oil and gas

World

The Ukrainian government has pulled US company Vanco International’s license to develop and produce hydrocarbons on the country’s Black Sea shelf, the government press service said on Monday.

“The special license to extract shelf resources, issued to Vanco International Ltd., has been withdrawn,” the press service said, citing Prime Minister Yulia Tymoshenko. Earlier on Monday, the prime minister said the deal with the US company was unacceptable, and described it as a plundering of the country’s mineral resources.

Vanco International signed a 30-year production sharing agreement with former premier Viktor Yanukovych’s government in October 2007, covering the Prykerchenska area just south of the Crimean Peninsula. The company was to have a share of 65% and Ukraine 35% at the prospecting and development stage. The sides were to go 50-50 with the launch of commercial production.

Vanco Energy Company is an integrated independent oil and gas company which operates its exploration and production activities through its wholly owned overseas subsidiary, Vanco International Ltd., and through the wholly owned subsidiaries of Vanco International Ltd. The company holds and operates six large licenses in five countries, including Cote d’Ivoire, Ghana, Equatorial Guinea, and Gabon. (rian.ru)

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