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Summary | Profile

Country profile: Ukraine

Location: Eastern Europe, bordering the Black Sea, between Poland, Romania, and Moldova in the west and Russia in the east
Climate: temperate continental; Mediterranean only on the southern Crimean coast; precipitation disproportionately distributed, highest in west and north, lesser in east and southeast; winters vary from cool along the Black Sea to cold farther inland
Terrain: most of Ukraine consists of fertile plains (steppes) and plateaus, mountains being found only in the west (the Carpathians), and in the Crimean Peninsula in the extreme south
Size: 603700 sq. km total (Land area: 603700 sq. km )
Population: 45,994,287 (July 2008 est.)
Languages: Ukrainian (official) 67%, Russian 24%, other 9% (includes small Romanian-, Polish-, and Hungarian-speaking minorities)
Government: republic
Capital city: Kyiv (Kiev)
Legal system: based on civil law system; judicial review of legislative acts; has not accepted compulsory ICJ jurisdiction
Currency: hryvnia (UAH)

Country profile

Ukraine's geographic position, linking East and West, while also holding critical warm water ports on the Black Sea, has made the country a trade link of growing importance between the former Soviet Union and Europe for energy and other goods. Ukraine is one of Europe’s largest energy consumers, and it consumes over twice as much energy per unit of GDP than Germany.

In 2005, almost half of Ukraine’s energy consumption came from natural gas, and over 75 percent of this natural gas came from Russia. Since 2004, the price of imported natural gas from Russia has almost doubled. The economic impact of these price increases on the economy will depend on the pace at which Ukraine can implement energy efficiency reforms. For a more in-depth discussion of the recent increases in natural gas prices and energy efficiency reform in Ukraine, please consult a February 2007 IMF

Energy production and consumption

Oil Gas
Production: 90,400 bbl/day (2006) 20 billion cu m (2006 est.)
Consumption: 284,600 bbl/day (2006) 73 billion cu m (2006 est.)
Exports: 214,600 bbl/day (2006) 4 billion cu m (2006 est.)
Imports: 469,600 bbl/day (2006) 57 billion cu m (2006 est.)
Reserves: 395 million bbl (1 January 2006 est.) 1 trillion cu m (1 January 2006 est.)
Major fields:

Ukraine - recent news

21 Jul 20
Ukraine: JKX granted licence extension for the Zaplavska field
JKX Oil & Gas has announced that the Poltava Petroleum Company, its Ukrainian subsidiary, has been granted a new special permit for the Zaplavska field for the purpose of oil and gas production for a period of 20 years.
15 Jul 20
Ukraine: Enwell Energy spuds SV-25 well at the Svyrydivske gas and condensate field in Ukraine
AIM-listed Enwell Energy has spudded the SV-25 well at its 100% owned and operated Svyrydivske (SV) gas and condensate field in Ukraine. Drilling operations are scheduled to be completed by the end of the first quarter of 2021, and, subject to successful testing, production hook-up is planned for the second quarter of 2021.
22 Jun 20
Ukraine: Cadogan Petroleum resumes production from Resumption of production from Blazhiv-3 and Blazhiv-3-Monastyrets
Cadogan Petroleum and Ukrnafta have signed the two lease contracts’ prolongation for the wells of Blazhiv-3 and Blazhiv-3-Monastyrets and production has resumed from the two wells, which were shut down since November 2019.
15 Apr 20
Ukraine: Cub Energy announces capital commitment to restart the RK field for power generation
Cub Energy has announced that its 100% owned subsidiary, Tysagaz, has signed a contract for the purchase of two Jenbacher gas power generation engines that should convert the natural gas produced from the RK field into power that can be sold in western Ukraine at local market rates.
10 Feb 20
Ukraine: Cadogan Petroleum provides operational update
Cadogan Petroleum, the London Stock Exchange listed independent oil and gas company with assets in Ukraine and Northern Italy, has provided an operational update post year-end. Net production for 2019 averaged 288 boepd, which is 15 percent above average production in 2018 and 86 percent above average production in 2017.

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