Ukrnafta has terminated oil and gas extraction at 3 deposits due to license revoking

​Ukrnafta has terminated oil and gas extraction at a number of deposits due to license revoking.

On February 12th 2016 Ukrnafta had to terminate oil and gas extraction at the Yurievsky, Golubovsky and Lopushnyansky deposits as the licenses were revoked. The decision was made by the State Geology and Subsoil Service of the Ukraine in January.

According to the chairman of Ukrnafta, M. Rollins, the extraction termination will lead to the irreversible effect – significant expenditure on the financing of measures on freezing of wells, and possibly  will lead to their physical liquidation, recultivation of soil, risks of ecological character, violation of conditions o hydrocarbons deposits development.

Ukrnafta said that it plans to protect its right at Court, addressed to the State Geology and Subsoil Service of the Ukraine asking to cancel this decision, and the Government asking to interfere in the situation.