Rosneft Snaps Up License to Explore Offshore Shelf of Abkhazia

Citing Chief Executive Sergei Bogdanchikov, Prime-Tass news agency reported Wednesday that Russian oil major Rosneft was granted a license to explore and develop oil on the offshore shelf of the Georgian breakaway republic of Abkhazia.

Accoding to Bogdanchikov, Rosneft, in addition to processing already existing seismic data of the region, will conduct its own seismic survey over the license, completing the first stage of seismic acquisition by the end of 2011.