On the 30-th of April 2003 the issue “On implementation of national marine policy in the area of Black and Azov seas” was discussed at the meeting of Marine Board under the RF Government (Gelendzhik, Novorossisk).
On October 5–7, 2004 in accordance with the order from the Russian President V. V. Putin, the 1-st International conference “Oil and gas in the Black, Azov and Caspian seas — 2004” took place in Gelendzhik as a part of the International economic forum “Kuban 2004: Investments — a route of Russia's economic development”. The conference was arranged by MNR of Russia, Authorities of Krasnodar region and the Russian Academy of Sciences.
The above proves that increasing attention of the state is given to prospecting and evaluation of previously unexplored hydrocarbon fields in water areas of southern seas.
At present involvement of local and foreign investors into the project aimed at prospecting and evaluation of hydrocarbon fields is one of the priority trends of the Company's activities.
In the case if discovery of any commercial hydrocarbon field(s) takes place in one or several subsurface blocks granted for use to the Company, the latter (being the subsurface user carrying out geological studies in the above blocks at its own account) has the right to be granted a license(s) to use these subsurface blocks for the industrial development of hydrocarbon field(s), discovered by the Company.
If the Company is granted a license(s) to perform hydrocarbon exploration and development in the field(s) discovered by the Company, any further activities of the Company will be aimed at fulfilling exploration and development related works in the discovered field(s).