According to the Oil and Gas Journal, Ukraine has 395 million barrels of proven oil reserves, the majority of these are located in the eastern Dnieper-Donetsk basin. Although Ukraine has made efforts at exploration, particularly in its sector of the Sea of Azov, oil production has remained relatively flat since independence (see Fig. 1). Consumption, on the other hand, has fallen dramatically, from 813,000 barrels per day (bbl/d) in 1992 to around 415,000 bbl/d in 2004 (see Fig. 1). Despite this decline in consumption, Ukraine remains highly dependent on imported oil, most of which comes from Russia and lesser amounts from Kazakhstan. In 2004, net Crude Oil imports totaled roughly 340,000 bbl/d, representing roughly 80 percent of consumption.