Naftogaz to Conduct Independent Valuation of Hydrocarbon Reserves of Across Ukraine

Naftogaz has selected Ryder Scott Company, LP  to undertake an independent analysis of the company’s hydrocarbon reserves and prospective resources. The award to Ryder Scott was made following an competative process that  saw eleven bidders.

Work will be carried out on assets belonging to Naftogaz, Ukrgazvydobuvannya and Naftogaz’s project in Egypt. Reserves and prospective resources linked to Chernomorneftegaz and Naftogaz assets located in Crimea, the Black Sea and Azov Sea will be evaluated as at December 31, 2013.

The main tasks to be implemented by Ryder Scott include: to collect, analyze, systematize and audit geological, geophysical and industrial materials for oil and gas fields and prospective sites; independent evaluation of reserves; determining the expected net present value and expected net income of deposits and prospective areas; analysis of cooperation agreements linked to Naftogaz and Ukrgazvydobuvannya.