Burisma Commits to Helping Ukraine Achieve Energy Independence

KIEV, Ukraine, March 28, 2017 /PRNewswire/ --

- Pledge Comes as Ukraine Hosts its Second Gas Investment Forum in Kiev 

- Follows Publication of Oxford Institute of Energy Studies Report into Ukrainian Gas Market 

Burisma Group, Ukraine's largest independent gas company, has announced today its commitment to helping Ukraine achieve energy independence, following a $100m USD investment to develop gas projects in Ukraine, announced earlier this month.

Speaking from Burisma's HQ in Kiev, Vadym Pozharskyi, Advisor to the Board of Directors and Director for International Cooperation and Strategic Development of Burisma Group, commented:

"Helping Ukraine achieve energy independence is a major part of Burisma's strategic goals for the coming years. Burisma 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." 

"We strive to make Burisma's work visible and set a benchmark for other State and domestic market players to follow. Burisma is continuously investing in the development of new wells and contributing to Ukraine's energy independence." 

"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." 

Burisma recently 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 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.

Today's announcement from Burisma follows on from last week's Second Ukrainian Gas Forum. The announcement also follows the recent publication of a report into the Ukrainian gas sector by The Oxford Institute for Energy Studies. The report looks at how far the Ukrainian gas market, one of Europe's largest, has moved away from a model based on large-scale Russian imports and post-Soviet economic relationships, towards a new set of arrangements underpinned by closer integration with the European market.

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. 

#EnergySecurityUkraine

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

SOURCE Burisma