Naftogaz Attracts Israeli Partner for Black Sea Ops

Ukraine's Naftogaz has signed a memorandum with Israeli oil and gas company Naphtha Israel Petroleum on joint exploration in the Ukrainian Black Sea, it said on March 15.

The state-owned gas company last month signed a memorandum with Austro-Romanian firm OMV Petrom for offshore operations in Ukraine. Through the new partnership, Naftogaz is looking to access Naphtha Israel's financial capabilities and operational experience in Israel and the US, it said. Naphtha Israel is a shareholder in Israel's Chevron-led Tamar gas field.

"Relevant international experience and foreign investment in Ukrainian upstream will facilitate the development of strategic oil and gas assets, which the government granted to Naftogaz last year," Naftogaz COO Otto Waterlander said in a statement. "It is essential for us to have such partners as Naphtha for Black Sea exploration and development, which is going to be the most capital-intensive project in our portfolio."