Ukrainianjournal reported that Ukrainian coal and energy ministry has given its approval to an agreement between state owned Chornomornaftogaz and Russia's Lukoil to explore and develop Black Sea oil and gas deposits, the ministry said in a report for 2011.

The companies will operate at Odeske and Bezimenne gas fields, and Subotynske oil field. The Ukrainian company will own at least half of the project and will make its contribution in the form of a geological and economic appraisal of reserves. Lukoil will make its contribution in the form of finances, technology and equipment.

(Sourced from www.ukrainianjournal.com)