Burisma Announces $100m Investment at Ukraine Energy Forum

KIEV, Ukraine, March 2, 2017 /PRNewswire/ --

Burisma Group, Ukraine's largest independent gas company, has announced on Tuesday at the Ukrainian Energy Forum a $100m USD investment to develop gas projects in Ukraine, a major step in helping Ukraine achieve energy independence.

Burisma Group announced its 2017 corporate "billion" program according to which the Group is going to reach over 1 bcm of gas production levels, increase investments in development of gas fields, drill and bring into operation new wells worth more than UAH 3 billion ($100m USD) and pay 2 billion UAH of taxes to the budgets of all levels. At the same time, over the last two years alone, Burisma Group paid around UAH 6 billion to the State budget of Ukraine. Thanks to the investment program, the Group is going to drill 20 new wells where 3 out of every 4 would be more than 5000 m deep and have complex profiles.

Burisma Group is the headliner at this week's Ukrainian Energy Forum, Ukraine's largest annual energy conference organized by Adam Smith Conferences. Since 1992, Adam Smith Conferences have been organizing highly professional economic forums that bring together thousands of state and business leaders in Ukraine. The topic of the VIII Ukrainian Energy Forum is "Raising domestic output, diversity and security of supply through reform, transparency and modernization".

Key Forum speakers include the Vice Prime Minister of Ukraine Volodymyr Kistion, the Minister of Ecology and Natural Resources of Ukraine Ostap Semerak, the acting Head of the Committee on Fuel and Energy Complex, Nuclear Policy and Nuclear Security of the Verkhovna Rada Alexander Dombrovskyi, Advisor to the Board of Directors and Director for International Cooperation and Strategic Development of Burisma Group Vadym Pozharskyi, the Director of the Energy Community Secretariat Janez Kopač and others.

"It is symbolic that Burisma led the discussions on energy efficiency and supported the State's new policy of reforming the national energy market, as well as promoting Ukraine's European integration. Burisma Group has always encouraged government and market players to reform the Ukrainian gas market based on European best practices. It is crucial that market players, infrastructure investors and Ukraine's international partners see our country as a reliable partner. Burisma is committed to ensuring Ukraine's energy security", noted Vadym Pozharskyi.

According to the Vice Prime Minister of Ukraine Volodymyr Kistion, today it is of major importance for Ukraine to be an energy independent country. The Forum participants also focused on diversification of energy sources. Janez Kopač called for the further improvement of legal framework regulating the Ukrainian energy market. In his speech, Vadym Pozharskyi shared success stories of cooperation between government and businesses in other countries on the implementation of an energy independence strategy. "The energy sector remains a key source of revenues for the Ukrainian budget. Gas companies not only provide the country with domestic gas, but also continue to invest billions in production and introduce state-of-the-art exploration and drilling technologies. We are going to stay committed to this strategy", noted Vadym Pozharskyi.

About Burisma 

Burisma Group is an independent oil and gas company operating in Ukraine. Since its launch in 2002, the Company has rapidly become one of the largest independent gas producers in the country. Burisma has been engaged in oil and gas exploration and production for more than 10 years. The core business is located in Ukraine, where the Group is the largest independent natural gas producer. Burisma is a market leader with annualized natural gas production circa 1,1 BCM and over 30% market share. Burisma is seeking for opportunities to expand its portfolio to other countries. Burisma has a state-of-the-art equipment and many years of experience to provide best services for oil and gas companies around the world. 

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For more information, please visit http://burisma.com/en/

SOURCE Burisma Group