The government updated the Plan of Actions on implementation of the Concept of Development of the Gas Production Industry of Ukraine till 2020.

The Cabinet of Ministers approved the respective decision on October 24, the government’s press office reports.

The updated Plan of Actions is aimed at strengthening transparency of the gas production sector and improving quality of its regulation. It is supposed switching to the electronic format of information exchange between producing companies and regulatory bodies, creating the portal with access to information about Ukrainian resources.

It is also planned to develop a new version of the Subsoil Code, which will codify and streamline the rules of activities in gas producing industry.

According to Vice Prime Minister Volodymyr Kistion, Ukraine gradually improves conditions for investments in the gas production sector.

Thus, the Verkhovna Rada approved the law, which implement incentive rents and guarantee its five-year immunity, allocate some funds for development of communities in producing regions, simplify permission procedures. And in June 2018, the government of Ukraine and Canada signed the letter of intent on implementing best practices of production industry.

In addition, soon, it is planned to switch to electronic auctions for issuing licenses for oil and gas development as well as simplifying access to the geological information.

Reportedly, the concept of development of the gas production industry provided for the increase of gas production in Ukraine in 2020 up to 27.6 bln cubic m., including the state-owned Ukrgasdobycha – up to 20.1 bln cub. m.