Key Points and Summary: While global attention centers on President Volodymyr Zelenskyy’s meetings with President Donald Trump and other leaders in Washington, Kyiv is relaunching tenders to develop oil and gas in western Ukraine.
-The government plans a renewed competition for the Svichanska and Mezhyhirska fields in Lviv, Ivano-Frankivsk, and Chernivtsi under the U.S.–Ukraine Reconstruction Investment Fund, with updated terms that grant the U.S. partner purchase rights and most-favored treatment.
-Economy chief Yulia Svyrydenko announced the move on Telegram.
-The energy push comes as Trump signals no NATO entry for Ukraine and doubts a ceasefire, underscoring the stakes for Ukraine’s economy, reconstruction, and wartime resilience.
Ukraine: An Oil and Natural Gas Superpower Coming Soon?
While the world’s eyes are on Ukrainian President Volodymyr Zelenskyy’s meeting with President Donald Trump and other world leaders in Washington, Ukraine is also looking to develop oil and gas fields in Western Ukraine. The fields are in the Lviv, Ivano-Frankivsk, and Chernivtsi regions.
According to the Kyiv Post, which cited Ekonomichna Pravda, the government of Ukraine “will soon announce a renewed competition for investors to develop two oil and gas fields in western Ukraine – Svichanska and Mezhyhirska – under the US-Ukraine Reconstruction Fund for joint natural resource extraction.”
The bidding was first announced in April, and the new bidding will replace that round.
Prime Minister Yulia Svyrydenko formally announced the bidding in a Telegram post.
“We have also decided to relaunch tenders for hydrocarbon production-sharing agreements at the Mezhyhirya and Svichanska fields,” Svyrydenko said in the post, per the Kyiv Post’s translation into English.
“The terms have been updated – granting the US partner the right to purchase production and guaranteeing that no other participants will be offered better conditions. This fulfills provisions of the US-Ukraine agreement to establish a reconstruction investment fund.”
About the Fund
The United States-Ukraine Reconstruction Investment Fund was formally established in April, in an announcement from the U.S. Treasury Department. The fund has its roots in President Trump’s confrontation with Zelenskyy in the Oval Office back in February.
“In recognition of the significant financial and material support that the people of the United States have provided to the defense of Ukraine since Russia’s full-scale invasion, this economic partnership positions our two countries to work collaboratively and invest together to ensure that our mutual assets, talents, and capabilities can accelerate Ukraine’s economic recovery,” the announcement said.
“Thanks to President Trump’s tireless efforts to secure a lasting peace, I am glad to announce the signing of today’s historic economic partnership agreement between the United States and Ukraine establishing the United States-Ukraine Reconstruction Investment Fund,” U.S. Secretary of the Treasury Scott Bessent said in the April announcement.
“As the President has said, the United States is committed to helping facilitate the end of this cruel and senseless war. This agreement signals clearly to Russia that the Trump Administration is committed to a peace process centered on a free, sovereign, and prosperous Ukraine over the long term.”
Will There Be Peace for Ukraine?
Whether that peace can be delivered anytime soon is a whole other question.
Zelenskyy returned to the White House on Monday, and per The Guardian, the meeting between him and Trump “went more smoothly than their first encounter in the Oval Office six months ago, when the Ukrainian leader was ambushed and berated by Trump and Vice-President JD Vance.”
“This time, doubtless to the relief of European leaders gathered at the White House, Zelenskyy gave Trump effusive thanks for the invitation and the pair even shared good-humoured banter while Vance remained silent.”
While Trump had been demanding a ceasefire from Russia as recently as earlier this month, he was singing a different tune on Monday.
“I don’t think you’d need a ceasefire. If you look at the six deals that I settled this year, they were all at war – I didn’t do any ceasefires,” Trump said.
“I know that it might be good to have, but I can also understand, strategically, one country or the other wouldn’t want it. You have a ceasefire, and they rebuild and rebuild and rebuild and, you know, maybe they don’t want that.”
Before the meeting, Trump had taken to Truth Social and announced that there would be “no going into NATO by Ukraine,” and also that Ukraine would not be getting Crimea back, after Russia captured that territory in 2014.
About the Author: Stephen Silver
Stephen Silver is an award-winning journalist, essayist, and film critic, and contributor to the Philadelphia Inquirer, the Jewish Telegraphic Agency, Broad Street Review, and Splice Today. The co-founder of the Philadelphia Film Critics Circle, Stephen lives in suburban Philadelphia with his wife and two sons. For over a decade, Stephen has authored thousands of articles that focus on politics, national security, technology, and the economy. Follow him on X (formerly Twitter) at @StephenSilver, and subscribe to his Substack newsletter.
