In the second round, announced on January, 29, 2019, seven blocks were offered in five regions of Ukraine, covering over 1 000 sq. km. All licenses are proposed for exploration and production of hydrocarbons for a period of 20 years.

The undiscovered oil and gas resources of all blocks are officially estimated as inferred. The company which submits the highest bid in terms of cash bonus will be awarded lease rights for a specific parcel.

There are also minimum exploration program requirements for each license, for instance: processing of legacy seismic data, conducting new seismic surveys and exploration drilling.

Bidders will have ninety calendar days to decide and submit their applications. The second online auction will take place in May 2, 2019.

For more information, please follow the link goukrainenow.com