KIEV, August 3 – The Cabinet of Ministers has allocated UAH 869.2 million for exploration of oil and gas, which is almost three times up on 2011.

According to the volumes of the state order for 2012 approved by the cabinet in resolution No. 689 of August 1, 2012 and published on Thursday, the financing of the development of the mineral and raw material base is to be doubled compared to last year, to UAH 1 billion.

Meanwhile, spending on prospecting and exploration operations for mineral resources besides oil and gas is being reduced. In particular, expenditures on the search for other fuel and energy resources is being cut by 28.4% to UAH 28.6 million, for metallic mineral resources - by 37.8% to UAH 16.4 million, for non-metallic resources - by 45.3% to UAH 6.5 million, and for drilling artesian wells - by 51.7% to UAH 11.1 million.