On January 24, 2013 the Government of Ukraine, Shell Exploration and Production Investments B.V. and Nadra Yuzivska Ltd signed a Product and Sharing Agreement with respect to the Yuzivska field. The tender was held based on the Resolution #1298 of the Cabinet of Ministers of Ukraine dated December 30, 2011. Other bidders included ExxonMobil and TNK-BP.
In September 2015, after two years of operations, Shell decided to withdraw from the Agreement. The decision was linked to the drop in prices for oil and gas products on the global markets and military conflict in the Eastern Ukraine in the vicinity of Yuzivska field.
The Supreme Administrative Court of Ukraine dismissed the cassation appeal from the CMU and the Ministry of Energy and Coal Industry of Ukraine, and upheld the decision of the Kyiv Regional Administrative Court dated 20.03.2017 as well as the resolution of Kyiv Administrative Court of Appeal dated 08.05.2017.2017
The Kyiv Administrative Court of Appeal upheld the decision of the court of first instance and dismissed the appeal of the CMU and the Ministry of Energy and Coal Industry of Ukraine.2017
The Kyiv Regional Administrative Court agreed in full with the claim of Yuzgaz B.V. and ruled that the protocol decision of the Cabinet of Ministers of Ukraine dated 02.11.2016, wherein it rejected assignment of rights and obligations of investor under the Yuzivska PSA, is illegal and cancelled and obliged CMU to proceed with the review of the investor’s request to approve the assignment.2017
October 27, 2015
Following Shell’s withdrawal from the PSA, Nadra Yuzivska Ltd announces a competitive tender to attract a new investor. The announcement is published in the government newspaper Uriadovyi Kuryer #199 (5573) dated October 27, 2015 and on the website of Nadra Ukraina NJSC.2015
July 8, 2016
Yuzgaz B.V. submits an official proposal to the tender committee. Two other companies also put forward their proposals, namely a subsidiary of the oil trader Vitol Balkash Petroleum B.V. and Burisma Holdings.2016
July 27, 2016
The tender committee, comprised of top officials from the relevant ministries, Nadra Ukraina NJSC, Nadra Yuzivska Ltd and Members of Parliament, assesses the proposals and announces Yuzgaz B.V. as the winner of the tender.2016
August 04, 2016
Yuzgaz B.V. and Nadra Yuzivska Ltd submit a joint request to the Cabinet of Ministers of Ukraine for obtaining the State's consent for the assignment of Participating Interests of Nadra Yuzivska Ltd in the rights and obligations of investor under Yuzivska PSA for the benefit of Yuzgaz B.V.2016