Ukraine – Oil and Gas
The Government of Ukraine (GOU) considers the oil and gas industry as a strategic sector to achieve independence from foreign oil and gas imports. Since the Revolution of Dignity in 2014, Ukraine has taken necessary steps to diversify fuel supplies, improve the output and production of electricity, oil, and natural gas, all efforts aimed at increased energy independence. Ukraine continues to follow its path to energy security and independence though legislative reforms. In 2017, the GOU finally reduced the royalty rates for gas exploration to 12 % (from 28%) for wells up to 5,000 meters and to 6% (from 14%) for deeper wells. This makes Ukraine’s royalty tax one of the lowest in the EU.