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Ukraine's largest gas producer to boost output by one-third

Xinhua, May 14, 2016 Adjust font size:

The Ukrainian state-run energy company Ukrgasvydobuvannya, the country's largest natural gas producer, announced on Friday it has set a target to increase its gas output by one-third within the next four years.

"We are going to increase the annual gas extraction from the current 15 billion cubic meters to 20 billion cubic meters by 2020," Alexei Nesterenko, the chief engineer of the company, told reporters.

According to him, the Ukrgasvydobuvannya will invest about 3.95 billion U.S. dollars in gas production to meet the output growth target.

In particular, the increase in gas production would be achieved through developing the extraction of tight sandstone gas, Nesterenko said.

In 2015, Ukraine produced 19.2 billion cubic meters of gas, of which 14.5 billion cubic meters were extracted by the Ukrgasvydobuvannya firm.

Currently, domestically produced gas covers about a half of Ukraine's overall gas consumption. Endit