Russian state gas monopoly OAO Gazprom (GAZP.RS) and its Ukrainian counterpart HAK Naftogaz Ukrainy are in negotiations to develop together the Black Sea shelf, the daily Kommersant reported citing an interview in Ukrainian media with Naftogaz's chief executive.
Oleg Dubina told a Ukrainian weekly that oil from the shelf would go to Gazprom and gas would go to Ukraine.
According to different estimates, the Black Sea has reserves of up to 1.5 trillion tons of fuel equivalent, the newspaper said, comprising around for 170 billion cubic meters of gas and 80 million tons of oil.