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Black Sea of interest to Gazprom Neft

  |   Dec. 7, 2010 at 6:30 AM
MOSCOW, Dec. 7 (UPI) -- The oil division of Russian energy monopoly Gazprom wants to develop the hydrocarbons locked in the waters of the Black Sea, an official said.

Viktor Savelyev, the head of field development at Gazprom Neft, said his company would team with Russian oil company Rosneft to explore the Black Sea, Russia's state-run news agency RIA Novosti reports.

"I would like to remind you that our zone of strategic interests in northern waters and the Black Sea coincides with that of Rosneft," he was quoted as saying. "Therefore, we will have to agree on them and we are ready to any form of cooperation with our colleagues because we understand that offshore deposits are a large territory and sea projects need huge capital investments."

He added that talks between the two companies would focus on whether to divide the deposits or develop them together. Reserves on the Caspian shelf were also under consideration, he added.

The region is home to some of the largest oil and gas deposits in the world, situating littoral states as major energy players.

Apart from reserves, the Black Sea is a key transit hub, serving as the future host of Russia's South Stream gas pipeline.

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