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Figure 2.1 – Ukrainian petroleum basins

The Black Sea - Azov Sea basin is predominantly gas-
prone and includes natural gas fields. The Ukrainian part of the
Black Sea shelf may have substantial oil and gas reserves, with
mild weather and maximum water depth of 100 m. The
hydrocarbon potential of the Ukrainian Black Sea shelf is
substantial and it has been inefficiently explored, i.e. large
structures in deeper waters have been bypassed due to the lack of
offshore technology during Soviet times.

Key stakeholders
Naftogaz of Ukraine, a national holding company and its
subsidiaries control the domestic natural gas and crude oil
production industry and about 90% of the gas trading market.
Ukrtransgaz and Ukrtransnafta, state subordinate companies of
Naftogaz, own all oil and gas transportation and distribution
systems and most of the oil and gas storage facilities in Ukraine.
According to current Ukrainian legislation, these facilities are not
available for privatization. In the future, however, the government

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