According to Mr Daniel Yergin Executive Vice President, IHS Cambridge Energy Research Associates Inc, Chairman that Ukraine is capable of producing 60 billion cubic meters to 70 billion cubic meters of gas.

The international energy expert however, pointed out that the country would be able to triple its gas production only if it manages to create a favourable investment climate.

Mr Daniel Yergin said "The economic potential of Ukraine is rather high. It is necessary to create favourable regulatory and market conditions to promote investment inflow."

According to the research, conducted by the IHS CERA consulting company Ukraine can sufficiently grow the volumes of gas production before 2035 up to 73 billion cubic meters.

Mr Daniel Yergin however explained that in order to use up its potential, the country has to attract 1 billion dollars to 10 billion dollars in foreign investments annually.

Ukraine has already managed to stop the decline of traditional gas production and is set to increase it within the next three years.