Ukraine economy hangs on investments from Chevron, Exxon, Shell

|About: Chevron Corporation (CVX)|By:, SA News Editor

Western oil majors including Chevron (CVX), Exxon Mobil (XOM) and Royal Dutch Shell (RDS.A, RDS.B) likely will reassess deals to drill in Ukraine, where the political crisis threatens a promising source of new profits and the country’s drive for energy independence.

Chevron and Shell signed deals last year to drill unexplored shale formations in Ukraine, and Exxon was close to signing a pact to explore the Black Sea before the crisis erupted last year.

While the oil companies can always spend their money elsewhere, the potential $10B in investment is vital to Ukraine’s quest to pull away from Russian control and revive an economy on the verge of collapse.