OREANDA-NEWS. February 17, 2011. The Cabinet of Ministers of Ukraine actively develops the political dialogue with the U.S. Government and plans to implement several joint projects in energy, particularly in the field of restoration and rehabilitation of gas fields. Minister of Energy and Coal Industry of Ukraine Yuriy Boyko declared as the result of the meeting with the U.S. Eximbank management.

"As a result of the project implementation we hope to have a clear picture of how the modern equipment and technological solutions can be used by such public companies as Naftogaz, Ukrgazvydobuvannya, Ukrnafta to increase hydrocarbon production in low profit or depleted fields. In frame of that project our plans also are to explore possibilities of cooperation with the Export-Import Bank. First of all - to fund the potential cooperation with U.S. companies in supply of technologies for the recovery of production in the Ukrainian oil and gas fields", Yuri Boyko said.

The Minister stressed that the U.S. Ministry of Energy position is that the projects of rehabilitation of waste oil and gas wells in Ukraine to be implemented much faster compared with projects in the shale. The result of the introduction of new technologies on waste or economically inefficient deposits can be production increased by 30-50% and proven reserves increase, which in turn will increase companies’ capitalization.

According to Yuriy Boyko, policy tools, such as regular meeting of Ukrainian-American Commission on Strategic Partnership, including bilateral group meeting on energy security, which pass out in the U.S., create a favourable mechanism for business development.

"I am confident that the Ukrainian-US relations have great potential, especially - for the development of trade, financial and investment cooperation", Yuri Boyko said.

Minister of Energy and Coal Industry of Ukraine noted that the illustrative example of the Ministry with U.S. companies is fruitful collaboration with "Chevron", "ExxonMobil", "Shell" and others.

"The Ukrainian government plans to implement with them projects in gas production from unconventional sources (including shale and coal bed methane) shelf production of hydrocarbons, etc.", the Minister stressed.