Ukraine’s concession regime forms the basis of our analysis. However, the government does offer Production Sharing Contracts (PSCs) to investors. A subsoil use tax (SUT) and corporate income tax form the main elements of the Ukraine concession system. The SUT behaves like a standard royalty and varies depending on hydrocarbon type, reservoir depth and shore status. We expect Ukraine to offer regular bid rounds alongside open-door policy for awarding new licences. The state does not have a mandatory equity participation in the concession regime.