KIEV, Feb. 12 - The government cancelled a five-year old resolution that had abolished a natural gas production sharing agreement with Vanco International, an independent oil company.

The move suggests that Vanco, which leads an international consortium for exploration and development of Ukraine’s Black Sea offshore areas, may finally go ahead with the project.

The development comes weeks after Stockholm court of arbitration has approved an amicable agreement between Ukraine and Vanco, ending a five-year dispute over the PSA.

The dispute centered over investments to tap offshore areas near Kerch on the Crimean peninsula in the Black Sea that are estimated by the government to contain 1.5 trillion cubic meters of natural gas.