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Project Insights

Black Sea tender annulment sets back Ukraine

The annulment of the Dolphin tender risks undermining investor confidence in the country rather than attracting ‘big’ foreign players The annulment of the Dolphin tender risks undermining investor confidence in the country rather than attracting ‘big’ foreign players
By Anna Gumbau 19 September 2019 Europe & Russia / Exploration & Production 0 34597
Naftogaz drilling in Ukraine. (Naftogaz Ukrainy)

The key issue: Trident Acquisitions is planning to take the Ukrainian government to court over its annulment of the tender for the Dolphin offshore gas block.

Interfax analysis: Ukraine’s decision to annul its tender for the Dolphin block in the Black Sea could delay development for at least three years and shatter investor confidence in the country’s upstream sector.

The Ukrainian government annulled the results of the tender on 13 September. According to the government, repeating the tender will allow it to attract larger foreign players. However,...