OREANDA-NEWS. March 6, 2008.Ukraine's major gas producing company Ukrnafta plans to suspend about 140 gas wells, the company announced. The process of suspension is to start from the very beginning of March 2008. Total yearly output of these wells is about 950 million cubic meters of natural gas and 40 thousand tonnes of gas condensate. Ukrnafta has already informed its Supervisory Board's Chairman Vadim Chuprun and Haftogaz of Ukraine's head Oleg Dubina, as well as State Committee on Industrial Security, Job Safety and Mines Inspectorate head Sergei Storchak about such a decision.

Ukraine's National Commission on Regulating of Electric Power Sector on February 28, 2008 reduced selling price for the gas of Ukrnafta delivered to households 26.9% to $39.4 per 1,000 cubic meters (excluding VAT). While Ukrnafta said it was ready to sell its own gas to households at the price of no less than the prime cost (which was $69.3 in 2007).

In 2007 Ukrnafta reduced production of oil with gas condensate 0.9% (compared to 2006) to 3.161 million tonnes. At the same time this amount was 1.2% more than it was previously planned by the company's management. Gas production was down 2.8% for the year to 3.238 billion cubic meters (0.1% above the plan).