The Government approved an updated Action Plan for the implementation of the Concept for the Development of Ukraine's Gas Production Industry until 2020. A relevant decision was made by the Cabinet of Ministers on October 24, 2018.
The upgraded Action Plan aims to increase the transparency of the gas sector and improve the quality of its regulation. It is planned mining companies and authorities to transfer to electronic information exchange, a portal with access to information about Ukrainian resources to be created.
It is also expected a new version of the Subsoil Code be drafted that shall codify and regulate the rules of activity in the extractive industry.
According to Vice Prime Minister of Ukraine Volodymyr Kistion, step by step Ukraine is improving the conditions for leveraging investments in the gas sector. The Parliament passed laws that stipulate for the introduction of incentive rents and guarantee its five-year immunity, for the allocation of part of funds for the community development in mining regions and facilitating licensing procedures. In June 2018, the Governments of Ukraine and Canada signed a letter of intent on introducing best practices in extractive industries management.
"The transition to electronic auctions for the issuance of licenses for the development of oil and gas deposits, as well as the simplification of access to geological information, are the novelties expected shortly. All this brings Ukraine closer to its goal of becoming independent in energy sector and self-sufficient in resources", Volodymyr Kistion summarized.