The ISKATEL (Searcher) research vessel has returned from an expedition to find oil deposits on the northwestern shelf of the Black Sea, the press service of the State Service of Geology and Mineral Resources of Ukraine has said.

"Data from the expedition is currently being analyzed. It represents a small part of planned sea expedition work. Fulfilling maritime geological research to detail promising oil and gas fields is in its initial phase… During the last several years only UAH 100 million has been allocated in the geology agency's budget for the work. How quickly the research can be completed depends, primarily, on financing levels," the geology agency's press service quoted agency head Oleh Kyryliuk as saying.

According to Kyryliuk, prospecting drilling in the Black Sea shelf is not on today's agenda.

As earlier reported, the ISKATEL vessel began its expedition on July 6.

The ISKATEL has been engaged in the search for oil and gas deposits on the northwestern shelf of the Black Sea since 2016.

A mere 4% of the Black Sea shelf has been utilized, Ukraine's geology agency said.