«Priazovneft» to start shelf development at Temryuk Bay of the Azov Sea

Russian Government has approved granting to «Priazovneft» Oil Company of the right to exploit the area of federal significance – Novoye oil deposit, located at Temryuk Bay of the Azov Sea.

The right for exploitation of the subsurface area is granted after the discovery of the deposit by «Priazovneft», carrying out geological exploration work at this area.

As on 1.01.2011, oil reserves at the Novoye deposit amount to respectively 1.339 and 0.67 million tons (С1 category) and 3.429 and 1.715 million tons (С2 category), Yugopolis reports.

According to the Russian legislation, development of oil deposits at the Russian shelf is allowed only for companies, having more than a 50% share of the state ownership and the 5-year experience of work at the Russian water areas.

English translation by BSN