Accompanied by increasing economic cooperation with the EU in recent years, Ukraine managed to implement many reforms directed towards its energy market to make it more transparent and therefore attractive to foreign investors. For instance, several Norwegian companies, such as NBT and Scatec, invested in the Ukrainian renewable energy sector more than 6 bill. NOK – having projects in their Ukrainian pipeline portfolio worth more than 10 bill. NOK.
In light of global trends, Ukraine has committed to transform into a greener, more efficient, and technologically advanced energy sector. EU’s “2×40 GW Green Hydrogen Initiative” earmarks Ukraine as an essential market for decarbonization and for development of hydrogen technology in Europe.
In November 2020, the Ukrainian state-owned company Naftogaz got the license for developing offshore projects in the Black Sea for 30 years. Naftogaz states that 3D seismic shooting starts in 2021 and will be followed by attracting investors and partners for future extraction.
We believe that this will create opportunities for Norwegian service companies to enter the Ukrainian market with their technologies and experience from the offshore industry.