KIEV, Jan. 20 - The Ukrainian government approved creation of a joint venture between ChornomorNaftoGaz and Russian oil company Lukoil to develop offshore oil fields in the Black Sea, the government reported Wednesday.

The joint venture, in which the state-owned ChornomorNaftoGaz will own at least 50%, will focus on developing Odessa, Bezimenniy and Subbotin oil fields, according to the report posted on the government’s Website.