"Naftogaz" wanted to extract oil and gas near the Crimea

"Naftogaz of Ukraine" plans to resume production of hydrocarbons on the shelf of the Black sea, said chief Executive officer of the company Otto Waterlander, reports Korrespondent.

He noted that, after the Crimea became a Russian region, "Naftogaz" has stopped the development of fields near the Peninsula.

Now the company is exploring options to resume production and to attract investors.

"We have ambitions to move into the Black sea, we are sure that large resources," he said during an online discussion "Naftogaz". What's next?".

Hydrocarbon deposits on the shelf of the Black and Azov seas and in the land part of the Peninsula operates the company "Chernomorneftegaz". Until March 17 of 2014 she belonged to "Naftogaz", but after the reunification of the Crimea with Russia it was nationalized.

In September of 2016 Ukraine has initiated the arbitration proceedings, citing the UN Convention on the law of the sea, with the requirement to confirm her rights as a coastal state in the Black and Azov seas and the Kerch Strait, and also to oblige Russia to pay compensation. In February 2018, Kiev has prepared a Memorandum with its position. The claim concerns, in particular, alleged violation of the rights of Ukraine on mineral resources, oil, gas and fisheries resources offshore around the Peninsula.

Russia in the preliminary stage in may 2018 have made their objections. In particular, Moscow believes that the arbitration has no jurisdiction to deal with the case where the inquiry relates to the claim to sovereignty over the Crimea and is not a dispute about the interpretation of the Convention.