Kyiv, Ukraine, 27 March 2026
Baker McKenzie Ukraine has advised Aspect Holdings, a U.S.-headquartered oil and gas upstream company, on an amendment to the Varvynska Production Sharing Agreement (PSA) between its subsidiary Ukrainian Energy L.L.C. and the Cabinet of Ministers of Ukraine.
The signing ceremony took place on 24 March 2026 in Houston, Texas, on the sidelines of CERAWeek Conference. The amendment updates certain contractual terms ahead of the commencement of exploration operations, taking into account challenges arising from the ongoing war in Ukraine. The revised PSA reflects the parties’ continued engagement and cooperation in advancing upstream energy projects in Ukraine under a production sharing framework.
The Baker McKenzie Kyiv team was led by Partner Andrii Moskalyk, with substantive input from Associate Oleksandr Savvi.
Commenting on the transaction, Alex Cranberg, founding owner and Chairman of Aspect, and Jim Piccone, Chief Legal Officer, said: “This agreement underscores Aspect’s strategic commitment to Ukraine as an important partner and a key growth hub for our upstream oil and gas activities. We are sincerely grateful to Baker McKenzie Kyiv lawyers for their superb counsel and support throughout this process — the team was a great contributor in helping us achieve this important milestone.”
Andrii Moskalyk, Partner at Baker McKenzie Ukraine, added: “Aspect’s continued interest in advancing its Ukrainian project sends a strong and positive signal to international investors considering opportunities in Ukraine’s petroleum sector, even amid the current geopolitical challenges.”
About Aspect Holdings
Aspect Holdings is an independent energy investment and upstream company with a long-term focus on international exploration and development projects. It has been active in Ukraine since securing the Varvynska PSA, covering acreage in the Poltava and Chernihiv regions, through its special‑purpose vehicle Ukrainian Energy L.L.C. https://www.aspectenergy.com
About Baker McKenzie
Baker McKenzie empowers clients to compete in the global economy. We provide comprehensive and practical legal advice that cuts through complexity with clear, actionable guidance. Our people represent diverse cultures and jurisdictions, combining local knowhow with international expertise to ensure your business thrives across borders. www.bakermckenzie.com/ukraine
