About 1.62 trillion cubic meters of gas and 426 million tons of oil and gas condensate, which are located on the Black Sea shelf, have been lost for Ukraine due to the annexation of Crimea, according to the acting Head of the State Service of Geology and Subsoil Nikolai Boyarkin.
“With the annexation of Crimea, almost 80% of our Black Sea shelf de facto went to Russia,” Director General of the Black Sea state regional geological enterprise Sergey Osharin informs.
Reportedly, the resources lost in the North-Western part of the Black Sea shelf, are estimated at 500 billion cubic meters of gas and 50 million tons of oil and condensate, 320 billion cubic meters of gas and 126 tons of oil and condensate were lost in Prykerchenska area, and 800 billion cubic meters of gas and 250 million tons of oil and condensate on the continental slope.
Earlier QHA reported that most of the explored hydrocarbons deposits of the Ukrainian shelf are located in three major areas: the North-West of the Black Sea shelf, Prykerchenska shelf portion and southwestern part of the Azov Sea.
Following the illegal annexation of Crimea by Russia, Ukraine has lost the opportunity to explore and produce oil and gas on the Black Sea shelf in the region. The Ukrainian oil and gas production company "Naftogaz" has lost 15 fields and three promising areas of oil and gas deposits in Crimea and on the shelf. Over the past two years, Russia illegally mined hydrocarbons in the Black Sea shelf, namely, 2 billion cubic meters of gas annually.