Interfax reported that the Russian company Rosneft is launching offshore oil prospecting off the coast of Abkhazia.

Mr Sergei Bagapsh Abkhazia President said "Rosneft will start oil prospecting and drilling on Abkhazia's shelf to appraise its oil reserves. He said that if the reserve of oil is sufficient for commercial extraction, a separate agreement will be signed to define the principles of oil extraction."

(Sourced from Interfax)