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SUPPLY
Ukrainian oil production fell dramatically during the
late 1970s and 1980s after the main producing areas in the Pripyat
graben, Dnepr-Donetsk depression, and foothills of the Carpathians were
exhausted.
Increased investment has stemmed decline for a period and offshore
production in the Black Sea off Crimea will also slowly expand.
The same pattern is true for gas with increased investment creating
higher onshore gas production levels but still less than the peak
established prior to the break-up of the Soviet Union.
DEMAND
Ukrainian oil and gas demand fell very rapidly after the
break-up of the Soviet Union and destruction of its heavy industries.
Oil consumption is now likely to remain flat as the country faces
problems with its economy and also converts to gas.
Gas consumption is expected to grow after pricing issues are resolved
with Russia. Imports of gas from Russia and other countries of the FSU
will likely need to increase after the steep decline which began in 2005
and continued into 2009.
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