Ukrainian Journal reported that Gazprom International and Naftogaz Ukrayiny struck an agreement on January 18 to ramp up their mutual efforts in setting up a joint venture for opening the Pallas structure on the shelf of the Black Sea.

Statement issued by the Russian company says "Gazprom International is prepared for the joint opening of promising structures on the trans-border section of the Black Sea shelf."

It says "In March 2011, the management of OJSC Gazprom approved a program for the opening of hydrocarbon resources on the shelf of the Black Sea until 2030, in accordance with which the Pallas structure is considered the shelf's most promising."