Early in 2014, Chornomornaftogaz was a valuable state asset of Ukraine. It held the following resources:

17 fields:

• 11 gas fields
• 4 gas condensate fields
• 2 oil fields

Total reserves:

• 58.560 billion cubic meters of natural gas
• 1,231 thousand tons of gas condensate
• 2,530 thousand tons of oil

The Odeske and the Bezimenne fields were the most promising.

The Odeske gas field was considered to be new and promising, with initial balance reserves of 21.1 billion cubic meters of gas. It is located within the exclusive maritime economic zone of Ukraine, between the Crimean peninsula and Odesa Oblast, however noticeably closer to the coast of the latter.

Perpendicular distance between this field and the coast of Odesa Oblast is 75 km, and the city of Odesa is 125 km away. However, the nearest settlement on the Crimean coast (Chornomorske) is 185 km away.

The Odeske field was discovered back in 1975, and prospecting operations commenced 12 years later. The first field development works were carried out in 2006. Finally, it was put into operation in November 2012.

For its offshore operations, Ukraine purchased two modern jackup drilling rigs named Petro Hodovanets and Ukraine. A total of 11 wells were drilled and put into production by the time of seizure the Odeske field. Daily gas output here amounted to about 2,680 thousand cubic meters.

This would have made Crimea self-sufficient in terms of gas supply with some surplus to spare. At these rates of production, there would have been enough gas to cover the needs of the peninsula with enough left over to supply the neighboring Odesa Oblast. Pipes have already been purchased and a pipe-laying vessel has been rented for the construction of an underwater gas supply line in that direction. However, Russia destroyed these prospects.

This would have made Crimea self-sufficient in terms of gas supply with some surplus to spare. At these rates of production, there would have been enough gas to cover the needs of the peninsula with enough left over to supply the neighboring Odesa Oblast. Pipes have already been purchased and a pipe-laying vessel has been rented for the construction of an underwater gas supply line in that direction. However, Russia destroyed these prospects.

Ukrainian drilling rigs remain under Russian control. During 2014 - 2020, the occupiers have illegally drilled 9 more wells at the Odeske gas field. Illegal economic activity on the Ukrainian shelf has been going on under the cover of the Russian Black Sea Fleet and missile boats of the Russian Coast Guard. Russian servicemen of the special operations forces and the marines are on combat duty on the rigs all the time.

The aggression of the occupying state in the northwestern part of the Black Sea caused Ukraine to lose its valuable property and control over the shelf resources. In addition, the enhanced naval presence of Russia off the coast of Odesa Oblast has created a threat to shipping and requires the Ukrainian coastal defense forces in this region to maintain constant alert.

In the fall of 2014, the General Prosecutor's Office of Ukraine opened a criminal case on the fact of illegal seizure of the property of OJSC Chornomornaftogaz belonging to the state of Ukraine. The General Prosecutor's Office of Ukraine entered into the Unified Register of Pre-trial Investigations the information on the illegal seizure of the state property, as well as the fact of illegal extraction of natural gas by the officials of the State Unitary Enterprise of the Republic of Crimea Chernomorneftegaz – the clone company established by Russia on the occupied peninsula.

On 10/17/2016, Chornomornaftogaz filed claims against the Russian Federation in international courts. The investment dispute was filed on behalf of the Naftogaz Group against the Russian Federation on the basis of the Agreement between the Cabinet of Ministers of Ukraine and the Government of the Russian Federation On Encouragement and Mutual Protection of Investments. Russian Federation does not participate in this process. On 02/22/2019, the Permanent Court of Arbitration in the Hague made a ruling on jurisdiction and liability. As regards the jurisdiction, the court recognized the claims of Naftogaz in accordance with the Ukrainian-Russian investment agreement as well as Russia's obligations to Ukrainian investors in Crimea. As for the liability, the court found that the Russian Federation had illegally expropriated Naftogaz's assets in Crimea thereby reneging on its obligations to ensure full and unconditional legal protection of investments.

In December 2017, on the claim of Ukraine against Russia in accordance with the UN Convention on International Law of the Sea, the Arbitration Court was formed to consider the case of Ukraine vs. Russian Federation. On 02/19/2018, Ukraine submitted a memorandum on Russia's violation of provisions of the UN Convention. Ukraine seeks a legal remedy from the Arbitration Court to make Russia cease and desist from violation of the UN Convention and to confirm the rights of Ukraine in the Black Sea, the Azov Sea and in the Kerch Strait, as well as to oblige Russia to respect the sovereign rights of Ukraine in its waters, to discontinue the theft of the Ukrainian resources, and to pay a compensation against the damage caused.

In 2014, the so-called State Unitary Enterprise of the Republic of Crimea Chernomorneftegaz was included on the sanctions lists of the countries of the European Union, the United States of America, Canada, Norway, Switzerland, Australia, Japan and Liechtenstein. The fake enterprise was added to the Ukrainian sanctions list in June 2018.