Ukrainian Prime Minster Mykola Azarov announced that Ukraine will ramp up its natural gas production by up to 25 percent over the next three years, a move that could help the country break free of its energy dependence on neighboring Russia.

Ukraine has chosen to partner with Western oil companies Royal Dutch Shell and Chevron to develop two of its shale gas fields. Both companies outbid other contenders for the partnership, including Russian company TNK-BP.

With 42 trillion cubic feet of shale gas reserves, Ukraine has the fourth-largest potential supply of natural gas in all of Europe, according to the Financial Times. But due to a history of inefficient energy practices and stalled development, the country still imports most of its natural gas from Russia.

While Azarov made his projection in Brussels, Ukrainian President Viktor Yanukovich talked to reporters in Moscow about plans to modernize Ukraine's gas infrastructure and diversify energy suppliers.

"We are working, for instance, with Turkmenistan, we are also working with Azerbaijan, and we are seeking such opportunities," he said. "Why? Because we are unhappy with the price for Russian gas. And this is quite natural."

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