Ukrnafta selects companies for 3D study of hydrocarbon deposits

Ukrnafta (UX: UNAF UK) hired two Kyiv-based companies, state-owned Ukrgeofizika and private company Vikoil LTD, to conduct 3D seismic prospecting of six hydrocarbon deposits in Lviv (two), Chernihiv, Sumy, Poltava and Kharkiv regions. The total amount of the contracts is UAH 43.5 mln (USD 5.5 mln). Antonina Davydenko: Following recent criticism from Prime Minister Mykola Azarov (see our news from August 17 and 22), this is the first public signal that Ukrnafta is taking concrete steps to head off declines in its oil and gas output. Ukrnafta’s oil output fell by 4.1% y-o-y to 1.3 mln mt in 7M11; production of gas condensate was down 39% y-o-y to 105 ths mt, and gas down 3.7% to 1.3 bln m3.