Ukraine will hold an unprecedented open upstream licensing round this year in the hope of becoming self-sufficient in gas — a goal that has eluded previous administrations because of high taxes and corruption. After a series of deregulatory measures in the past year, and the planned use of transparent, online auctions for selling off most oil and gas fields, investment dollars could finally start rolling in. Still, significant political risk and an unreliable judiciary remain big obstacles, particularly for Western investors with much-needed exploration and production technology.
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