Operations in Ukraine
In December 2009, Shelton Petroleum merged with Shelton Canada Corp., a Canadian oil and gas company with operations in Ukraine.
Via the merger, Shelton Petroleum has assembled a strong portfolio consisting of a producing onshore oil project in Chernigov Region next to Poltava and offshore gas projects in the Black and Azov Seas. These projects strategically balance low-cost development and lower-risk exploitation targets with carefully assessed, higher-risk, higher-yield exploration opportunities.
The Ukrainian project portfolio aligns with the company's goal of becoming an international leader in Ukraine's emerging oil and gas industry.
Ukraine is large energy consumer. Annual production amounts to 30 million barrels of oil and 121 million barrels of natural gas. This corresponds to a fourth and just over a third, respectively, of Ukrainian consumption.
The country has made it a national priority to increase its production.
Merely 5% of Ukraine's offshore reserves are considered to be developed. Growing interest from national and international actors means that the company has a good position in the emerging Ukrainian petroleum industry.