OREANDA-NEWS. August 16, 2010. In July 2010, the total crude oil and gas condensate extraction amounted to 295 Mtoe, 13.5% down yoy, the Cabinet of Ministers reported Aug 13. Besides, oil and gas condensate extraction decreased by 11.2% yoy in 7m2010 to 2,076 Mtoe.

All major players in the sector have reduced their gas extraction. Ukrnafta, in particular, decreased its oil output by 13.4% yoy in July to 209 Mtoe.

Millennium Capital considers the news as negative for the Ukrainian Oil & Gas sector, as oil and gas condensate extraction by domestic companies continues to decline.