Ukraine launches tender offering for Dolphin block in Black Sea

The Ukrainian government has launched a public tender for the Dolphin offshore block under a production-sharing agreement, covering 9,496 sq km of the northwestern part of the Black Sea’s continental shelf.

Interested parties have 60 days to submit applications to PSA Interagency Commission. Winning bidders will be notified by July. Prospects already discovered within the block are Zonalna, Myrna, and Charivna.

The PSA duration is 50 years. Bidders must provide a minimum financial commitment of $55.5 million throughout the 5-year exploration period. A minimum work program requires drilling of no less than five exploration wells.

The government’s share of profit petroleum to be at least 11% with a 2% liquids royalty rate and a 1.5% natural gas royalty rate. Ukraine also has an 18% general corporate income tax rate.