Chernomorneftegaz to increase gas production in the Crimea

Chernomorneftegaz thinks it is able to increase gas production over 1.5 times by 2020. The company intends to attract private investments for the business development, said the Minister for Crimea, Oleg Saveliev.

"Gazprom expects to increase the production capacity in the Crimea over 1.5 times by 2020. It requires alarge amount of geological exploration and significant costs," - Saveliev said in an interview with the Interfax.

Chernomorneftegaz produces oil and gas on the Crimean peninsula in the Black and Azov Seas near the coast of the Crimea. With regard to the investments, "this will be private investments, and they are not reflected in the Federal target program for the development of the Crimea and Sevastopol until 2020.