The Kerch Strait divides Ukraine's autonomous area of the Crimea and the Russian Taman peninsula.
An intergovernmental commission will draft relevant documents and announce the tender within two months. Bids will be received for three months from the time of the announcement.
Ukrainian and foreign nationals and companies possessing the required material, technological and economic potential may bid for the tender after paying a fee of $10,000.
After the signing of a product sharing agreement, the winner of the tender must pay Ukraine $500,000. Minimum investment in geological prospecting is $15 million. If commercial hydrocarbon reserves are discovered, the winner of the tender must pay Ukraine $2 million.
State-owned Chernomorneftegaz, a part of national gas company Naftogaz Ukrainy, is the only hydrocarbon producer on the shelf of the Black and Azov Seas that has obtained licenses without a tender.
Shell and U.S. company Hunt Oil said earlier they were interested in taking part in the tender.
