The existing hydrocarbon reserves of 44 onshore and offshore fields in Crimea are estimated at about 165 billion cubic metres of gas and about 475 million barrels of oil and condensate. Several of these deposits are already in development by Chernomorneftegaz, formally a wholly owned subsidiary of Ukraine’s Naftohaz Ukrainy.
The company, which was renationalised by the self-proclaimed government of Crimea, had been increasing its gas output in the last two years following the steady flow of investment from Naftohaz.
Chernomorneftegaz
