KYIV, Apr. 5 (Ukrainian News) – The Naftogaz Ukrainy company has started drilling its first oil well on the Black Sea shelf near Zmeyny Island, the company’s chairman Vadym Kopylov told journalists on Wednesday.
“We have drilled [an oil well] near Zmeyny Island. It is financed with Naftogaz Ukrainy’s own funds,” Kopylov said.
According to Kopylov, Naftogaz Ukrainy intends to step up its drilling operations on the Black Sea shelf because it considers the area to be one of the most promising areas for oil drilling.
“I hope that we will conquer the shelf in 2-3 years,” Kopylov said.
Demarcation of the border on the Black Sea shelf has been the subject of several years of disputes between Ukraine and Romania.
The Chornomornaftogaz company is presently drilling for oil on the Black Sea shelf.
Last year, the company extracted 61,100 tons of crude oil, or 11.7 percent less than the quantity it extracted in 1999 and 764.4 million cubic meters of natural gas, or 1.6 percent less than the quantity it extracted in 1999.
Ukraine annually extracts about 4 million tons of crude oil, or 15 percent of its annual requirement.
