Ukraine is planning to invest UAH 7 billion (UAH 7.9 / USD 1) within five years in the development of deposits on the shelf of the Black and Azov Seas, Fuel and Energy Minister Yuriy Boiko said in an interview with the Segodnya newspaper, UKRINFORM reported.

"It's necessary to invest 7 billion hryvnians within five years so that we can have an annual production of three billion cubic meters of gas, rather than 1.2 billion cubic meters," he said.

Boiko added that "this gas will be used to ensure the needs of Ukraine, in particular, Crimea and Kherson region."

The Ukrainian sector of the shelf of the Black and Azov Seas totals 133,700 square kilometers and is part of the Alpine-Himalayan orogenic belt that includes the largest oil and gas regions of Iran, Iraq, Azerbaijan, the North Caucasus and Romania.


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