Stopping gas production at the Sakhalin field cost Ukraine 3 billion
8 August 2024 05:21
The National Asset Management Agency (ARMA) has estimated Ukraine’s losses from the eight-month shutdown of the Sakhalin gas field, which turned out to be unreasonable, at UAH 3 billion. This was reported by "Komersant Ukrainian" with reference to the ARMA press service.
In April 2023, the Pechersk District Court of Kyiv arrested the shares of Ukrnaftoburinnya, which develops the field, and transferred them to ARMA. After that, Ukrnaftoburinnya was replaced by Ukrnafta, which had been de facto nationalised earlier.
In December 2023, Ukrnaftoburinnya stopped gas production at the Sakhalin gas field due to a court decision to cancel the licence initiated by the State Service of Geology and Subsoil. In early August 2024, the same court ruled that there were no grounds for the cancellation and cancelled its decision.
“By the decision of the Sixth Administrative Court of Appeal, the licence for gas production at the Sakhalin field was renewed, which was a significant victory for the ARMA in the interests of the state. However, the state has already suffered billions of dollars in losses due to the suspension of hydrocarbon production,” ARMA said.
It is noted that the cancellation of the special permit for gas production in December last year was not only in violation of national interests, but also led to significant losses for the state.
“Under the management agreement with ARMA alone, the state budget could have received at least another UAH 1 billion, as well as taxes and other local fees. The total amount of losses can be estimated at around UAH 3 billion,” the ARMA said.
The ARMA has already applied to law enforcement agencies to bring the perpetrators to justice.
It should be noted that the Sakhalin field is one of the largest hydrocarbon sites in Ukraine, located in Kharkiv region. Its proven reserves are about 15 billion cubic metres of gas, 1.7 million tonnes of gas condensate and about the same amount of oil.
