A Ukrainian exploration vessel photographed near the Zmiyiny Island in the Black Sea in 2016. Naftogaz has plans to explore and develop untapped reserves on the Black Sea shelf.

The Cabinet of Ministers has approved a resolution that will let state oil and gas company Naftogaz explore and produce hydrocarbons on the Black Sea shelf without competing in an auction.

Naftogaz will be able to get special permits to explore subsoil oil and gas, including pilot field development for a period of 30 years. The special permits come with a government fee — from 10% from the reserve price at depths of less than 100 meters to 1% at depths greater than that.

Source: www.kyivpost.com

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