REUTERS Ukraine&#39;s State Service of Geology and Mineral Resources says that the sale of licenses for oil and gas deposits in 2018 may earn about UAH 3 billion (US$113 million) for the national budget, while only UAH 50 million (US$1.88 million) was earned in the past eight years. "Earnings from licenses on [new] sites will reach about UAH 3 billion," acting head of the service Oleh Kyryliuk said at a government meeting. "For example, I can say that exactly the same number of hydrocarbon lots was sold in the past eight years and the state received only UAH 50 million. We propose putting up 44 deposits for sale with an initial price of UAH 3 billion," he said. Read alsoUkraine introduces electronic auctions for subsoil use As UNIAN reported, the Cabinet of Ministers on July 26 adopted a resolution to allow public access to geological information. It also approved the launch of a pilot project from September 1 to hold auctions for the use of subsoil only through electronic bidding. According to Kyryliuk, the new system of auctions has a number of advantages over the sales that are taking place in Ukraine now: publicity and openness, the ability to track all stages of the sale of licenses. Other advantages include the use of an electronic platform and the opportunity to participate in bidding from any place. Its rules are fair and open, they suggest the formation of a real, market-oriented price, a reduction in the period of auctions and do not require direct contact with officials. To bid, a potential subsoil user must be authorized on the electronic auctions site, secure registration for each selected lot, make a guaranteed contribution, which is 20% of the initial value of the lot. Earlier, market players sharply criticized Ukraine&#39;s subsoil regulator for not holding such auctions.