The Cabinet of Ministers has implemented the obligatory insuring of risks in oil and gas deposits development

The Cabinet of Ministers has implemented the obligatory insuring of property risks in oil and gas deposits development. They do not name the precise document introducing this type of insurance. The document has been elaborated for the compensation of harm to the environment due to breakdowns when developing oil and gas deposits.

The sum of the obligatory insurance agreement will be 170 million grivnas (10 million personal exemptions) for annual production of over 100 million cubic m of gas or 15,000 tons of oil and gas condensate, 102 million grivnas (6 million personal exemptions) for annual production of from 20 million cubic m of gas or 3,000 tons of oil and gas condensate up to 100 million cubic m of gas or 15,000 tons of oil and gas condensate, and 68 million grivnas (4 million personal exemptions) for annual production of less than 20 million cubic m of gas or 3,000 tons of oil and gas condensate. In case of gas production for creation of gas reserves for the internal needs, the insuring sum for one obligatory insuring agreement will be 85 million grivnas (5 million personal exemptions).