The interdepartmental commission for the arrangement of signing and executing production sharing agreements (PSA) has decided to cancel the decision dated June 2008 on the abolition of state registration of the agreement with Vanco Prykerchenska on distribution of hydrocarbons that will be extracted within the Prykerchensky section of the Black Sea shelf.
According to the Ministry of Energy and Coal Industry, during the consideration of this issue Deputy Foreign Minister Olena Zerkal noted the need to accelerate the implementation of all the provisions of the amicable agreement between Ukraine and Vanco Prykerchenska for preparing a lawsuit of Ukraine to the UN International Court of Justice against the Russian Federation regarding the violation of the provisions of the UN Convention on the Law of the Sea.
The interdepartmental commission for PSAs also instructed the interdepartmental working group to submit proposals for a new wording of the PSA with Vanco Prykerchenska within 30 days.
As reported, the Stockholm arbitration on December 28, 2012 approved the production sharing agreement for the Prykerchensky section of the Black Sea shelf between Vanco Prykerchenska and Ukraine.
