Shelf of Abkhazia is temporarily unavailable
It might lead to Rosneft’s leaving Abkhazia which is today in fact the only large Russian holding that has confirmed its readiness to make large investment there. Oil companies have already stated of a possible shutdown of their activity in Abkhazia and a fair compensation of invested funds. The President of the country, R. Khadzhimba, says that oil extraction is destructive for Abkhazia but he doesn’t refuse from the execution of the conditions of the agreement with Rosneft.
An old dispute
The issue of the risks of oil extraction in Abkhazia was again raised after in mid June the prolongation of periods of study of the shelf was considered at the Government meeting.
Initially the agreements signed in 2009 between Rosneft and management of Abkhazia for 45 years presupposed that it would take 5 years. However, the oil company couldn’t execute the works within that time and asked to extend the period of study of the Gudautsky site for another 3 years.
At first the idea of Rosneft seemed like a formality. However, the first Vice Prime Minister of Abkhazia, Sh. Adzynba, who headed the mentioned meeting, paid attention to the formulation of the Government regulation #18 as of April 22nd 2013 in which the changes were planned to be made. Initially it sounded like: “On granting RN-Shelf Abkhazia the right for geological study, exploration and extraction of hydrocarbons raw materials at the Gudautsky site in the water area of the Black Sea”.
