Azarov asks Ukrnafta to raise oil production

Ukrainian Prime Minister Mykola Azarov, in a meeting on Friday with Ukrnafta (UX: UNAF UK) CEO Peter Vanhecke and Coal & Energy Minister Yuriy Boyko, asked the company to increase oil production, according to a statement on the website of the Cabinet of Ministers. Azarov also tasked Ukrnafta management with stabilizing production in the near term and over 2-3 years to direct all of its resources toward development, including the introduction of new technologies for oil production, such as horizontal drilling and hydraulic fracturing. Azarov said he was willing to help management cut through bureaucratic red tape on behalf of the company in obtaining licenses and permission to drill.