Ukrainian News Agency reported that Naftohaz Ukrainy national oil and Gas Company has expressed its concerns with the reducing extraction of hydrocarbons by Ukrnafta, Ukraine largest oil company.

Mr Serhii Kasianchuk head of the department for production of gas, gas condensate and crude oil at Naftohaz Ukrainy presented the position at a forum on questions of the fuel and energy sector. He said the lower output of hydrocarbons is a consequence of Ukrnafta essential trimming of prospecting works.

He added that "Over the past years Ukrnafta has trimmed gas production volumes by 10% annually and crude oil and gas condensate by 8% annually. He expressed the concerns with the performance of Ukrnafta.”

Mr Serhii Kasianchuk said "Ukrnafta uses its reserves of hydrocarbons virtually for eating. He noted that Naftohaz Ukrainy demands that Ukrnafta to essentially boost the prospecting works and extend the exploitation drilling.”

As Ukrainian News earlier reported, the Naftohaz Ukrainy national joint stock company owns a 50% stake plus 1 share in Ukrnafta and companies affiliated with Pryvatbank own about 42%.

(Sourced from Ukrainian News Agency)