Ukraine is set to start developing offshore oil and gas fields in the Black Sea from 2010, the Unian news agency quoted the ex-Soviet state’s prime minister as saying on Saturday.

Yulia Tymoshenko, a presidential candidate for the January 17 polls, said reclaiming the offshore oil and gas reserves ‘owned’ by the opposition Party of Regions, led by her predecessor and rival in the presidential race Viktor Yanukovych, was a ‘strategic goal.’

“There are oil and gas reserves to last Ukraine for 150 years. From 2010… we will launch large-scale development at the expense of government funds,” the premier said.

She said the offshore natural gas and oil reserves would belong to the nation, not to “certain corrupt groups.”

The Ukrainian government earlier planned to develop a section of the Black Sea shelf near the Kerch Strait together with the U.S. oil company Vanco. However when Tymoshenko became premier, she tore up the agreement, saying Ukraine should develop such resources itself rather than give them to foreign companies. The decision was later suspended by the country's president, but a second resolution was issued by the government on November 19.

The Kerch area's reserves are estimated at 10.8 billion cu m of natural gas. Production at this section would allow Ukraine to increase its annual gas production by 4 billion cu m, and oil by 3 million tons.

Ukraine presently produces about 20 billion cu m of gas and 4 million tons of oil a year, or about 20% of its annual consumption.

KIEV, December 26 (RIA Novosti)