Kharkov, Poltava, Lugansk and Odessa Regions, Ukraine

Oil and gas line of BGV business was established in 2015 and includes exploration and production of oil, gas and condensate. Oil and gas companies controlled by BGV face an exploration risk typical for the upstream sector. At the same time, the risk related to the sale of produced hydrocarbons in Ukraine is small due to the high demand for energy sources.
Therefore, part of BGV’s strategy in this sector is to invest in assets with proven reserves of crude oil and natural gas. The last such investment is the acquisition in 2020 of two license areas in the Odessa oblast with proven oil reserves in the amount of many million tons.
The division was established in 2015 and now accounts for eight licenses for exploration and production of natural gas and crude oil in Kharkov, Poltava, Lugansk and Odessa regions.
Geologically six of them are located in the most prolific oilproducing region of Ukraine – the Dnieper-Donets Basin.  


Natural gas

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Additionally, several prospects have been prepared for future exploration on the area of licenses with prospective resources of 8,580 million cubic meters of natural gas, 1,744 thousand tons of condensate and 2,686 cubic meters of oil.
Cycle of oil and gas projects is sufficiently shorter than metal ore mining (shorter preparation and back pay periods). BGV has already started gas production from one of the deposits discovered in 2018, and preparing the production from the second one. Other license areas require additional exploration and construction of gas and oil infrastructure.
The proven reserves of the newly acquired two licenses for oil production in the Odessa region are 7,885 thousand tons of oil (ca. 55 million barrels). The wells drilling and the field development are planned to be started in 2021.