KYIV, May 8 – Tenders for the development of hydrocarbon deposits on the basis of production sharing agreements (PSA) will allow Ukraine increasing oil and gas production and thereby enhance the country's energy security, according to the U.S.-Ukraine Business Council (USUBC, Washington D.C.).

"The government of Ukraine endorsed PSAs in 2018 and has moved forward with a program to have investors bid on oil and gas blocks using the PSA tender legal process, which are long-term contracts that allow private companies to utilize the international legal system if there are any disputes. PSAs were strongly endorsed by U.S. Secretary of Energy Rick Perry during his trip to Ukraine last fall," a report on the USUBC's website reads.