The Dnieper-Donets Basin in eastern Ukraine has prospective reserves estimated at 200 billion cubic meters of natural gas, 46 million metric tons of gas condensate and 130 million metric tons (956 million bbl) of oil.
"Under the agreement, the [Ukrainian and U.S.] companies will study an area of some 30,000 square km over a three year period with a view to assessing its attractiveness for investors and locating the most promising sectors," Yevgen Bakulin, Naftogaz board chairman said, adding that it "will secure a substantial increase in resources, a necessary condition that could boost oil and gas output in Ukraine."
Marathon's Web site quoted Philip G. Behrman, senior vice president of Worldwide Exploration for Marathon, as saying: "This cooperation agreement with Naftogaz Ukrainy is consistent with Marathon's efforts to seek out and access new resources that could lead to profitable growth opportunities."
Marathon International Petroleum Ltd. is a 100% subsidiary of Marathon Oil Company, a transnational energy company involved in exploration, production, refining, marketing, and transportation operations. Marathon Oil is America's fourth oil producer and the country's fifth oil refining company.
Naftogaz Ukrainy is the country's leading energy company, whose subsidiaries account for over 97% of Ukraine's oil and gas output.
