Naftogaz, Gazprom begin creating JV for operations on Black Sea, Azov shelves
MOSCOW. June 21 (Interfax) - Naftogaz Ukrainy and Gazprom have begun the process of forming a joint venture for operations on the Black Sea and Sea of Azov shelves, Naftogaz CEO Yevgeny Bakulin told journalists.
"This process is proceeding. The JV is in the formation process," he said, adding that numerous legal issues need to be resolved.
Gazprom and Naftogaz Ukrainy agreed at the end of 2010formation of two joint ventures: to extract coalbed methane and to develop the Pallas structure on the Black Sea shelf.
The government awarded Naftogaz the 30-year license to develop the Pallas oil and gas block on the northeastern Black Sea shelf on a no-bid basis in January 2010. The forecast resource at Pallas is estimated at 157 bcm of gas, including 75 bcm of recoverable reserves. The productive horizons are located at depths of 3,000-5,200 meters.
RTS$#&: GAZP
