Introduction

We have been reporting on an annual basis on the new developments in Ukraine's upstream oil & gas sector for many years, and 2010 was an especially significant year because of the changes in Ukrainian Government ("GOU") and the new direction it took at opening the natural resources sector for investment. There have been a number of important developments, most notably the sharply increased interest in investment opportunities in Shale Gas and the Black Sea Shelf, the new taxation regime stipulated by the recently enacted Tax Code and the changes (mostly positive) in the legal regime ...