VIKTOR YUSHCHENKO: UKRAINE MUST SATISFY HALF OF ITS
DEMAND IN HYDROCARBONS THROUGH INTERNAL EXTRACTION
Ukrinform, Kyiv, Ukraine, Tuesday, October 30, 2007

KYIV - Ukraine must seriously get involved in developing its own oil and
gas drilling, in particular, drilling on land, re-opening old fields, which
contain yet 40-50% of their resources and starting efficient drilling in the
Black Sea shelf, President Viktor Yushchenko said in a Sunday interview
to a tv channel, by way of commenting on Ukraine's provision with energy
sources.

According to the president, the agreement, which was signed with the
VANCO company is the first project to explore and drill on the Black Sea
shelf at some two km depth.

Viktor Yushchenko noted that there are all grounds to speak about
Ukraine's starting oil and gas extraction from one of unique fields in a
couple of years. "This is a key contribution to forming energy security of
Ukraine," the president is confident.

According to the president, the priority task is covering half of Ukraine's
demand in oil and gas through extraction from this field.

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