Held on March 12th, 2015, the Board of Directors of Ukraine’s leading independent gas producer, Burisma Holdings, has reported interim 2014 investment program results and defined key priorities for 2015. The Company performed all on-site exploration works and increased natural gas production, drilling 21 wells, 18 of which became operational in 2014. Thus, gas production volumes increased by 50% – from 452 million m3 in 2013, to 692 million m3 in 2014.
“Last year was successful largely due to our ongoing modernization program and first-class well equipment. At this point, our goal is to ensure maximum well efficiency and reliability,” said non-Executive Chairman of the Board of Directors Alan Apter.
Burisma Holdings once again proved to be an industry leader that fosters innovation at year-end 2014, despite macro-economic instability. Last year marked the acquisition of modern American equipment for seismic exploration; attracting US drilling crews and drilling equipment allowing to visibly increase drilling quality and speed; completion of well #12 on the Rakytnyanske field with capacity of 400,000-m3 natural gas per day. The drilling works on this 3,800-meter well were completed in 90 days, against industry norms of 8-9 months.
In October, Burisma Holdings completed and commissioned a methanol recovery unit on the Rakytnyanske field allowing the company to recycle up to 85% methanol actively used in natural gas production. The company is also successfully operating an NGL recovery unit ready to deliver to end-consumers on the Rakytnyanske field. Burisma Holdings acquired and put into operation the biggest rig available among private companies in Ukraine. This helped set new deep drilling records – vertical 5,520 and 5,150 m wells were drilled on fields in the Dnieper-Donetsk Basin. These and many other facts confirm compliance of Burisma Holdings to the highest standards of environmental safety and reaffirm its leading position in introducing unique technologies to the Ukrainian gas industry.
“This is a key part of our initiatives over the past year. Burisma Holdings is a pioneer in bringing the latest technologies to the Ukrainian gas market. We are actively using a methanol recovery unit as well as NGL-technology. Through the introduction of world class eco-friendly technology, we can quickly, cleanly and efficiently scale gas production in Ukraine, contributing to the implementation of the National Energy Independence Strategy in Ukraine,” noted Burisma Holdings Independent Director, Devon Archer.
According to the ambitious production program, adopted by the Board of Directors for the current year, the company is planning to drill 29 wells and conduct a significant amount of seismic studies, including 800 km2 in 3D modification. The Board of Directors also strategically approved geographical diversification and alternative energy exploration plans. In 2014, Burisma Holdings has taken an important step in building a large international business becoming the first Ukrainian company to receive permission to develop the oil and gas resources of the Republic of Kazakhstan together with the National Oil Company “KazMunaiGas”.