Ukraine to channel UAH 1.2bn in gas fields development.

By bne IntelliNews April 15, 2011
The government intends to channel UAH 1.2bn received from the increase in gas tariffs for the population in development of gas fields. According to minister of energy and coal Yuriy Boyko, the funds will be send to in the production of hydrocarbons in Subotynske, Shtormove and Odessa field. In March, natural gas extraction went down by 0.8% y/y to 1,733mn m3. Major gas extracting company Ukrhazvydobuvannia upped gas extraction in March by 0.1% y/y to 1,299.4mn m3. Ukraine's second largest gas extracting enterprise, Ukrnafta, reduced gas extraction in March by 17.4% y/y to 182.1mn m3. Chornomornaftohaz cut gas extraction in March by 7.2% y/y to 82mn m3. In Q1, gas extraction went down by 0.7% y/y to 5,040.8mn m3.

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