American and German Geothermal Energy Associations welcome Burisma Holdings as a Full Member

March 29, 2015

The leading Independent Ukrainian gas company Burisma Holdings became a full member of two world’s largest national geothermal associations – the German geothermal association Bundesverband Geothermie e.V. (BVG) and the US Geothermal Energy Association (GEA).

“Today, it is crucial to be at the very forefront of technological revolution in the energy sphere together with the most innovative companies in the world. Therefore, membership in two world’s largest associations will provide us with an opportunity not only to share experience, but also to become one of the companies that jointly seek to alter global environmental standards and ways of thinking, encouraging transition from conventional to alternative energy sources – renewable and environmentally friendly resources. Above all, we are talking about new innovative projects in geothermal energy sector, – commented the advisor to the Board of Directors at Burisma Holdings Vadym Pozharskyi.

According to him, oil and gas are non-renewable resources, and each field has a life cycle. Many once rich hydrocarbon reserves are now in their final stages. This means that the same level of production will not last in perpetuity. Therefore, all major global economies are actively exploring alternative energy sources, and especially geothermal.

Ukraine is also verging on deposits “flattening” and production decreasing, so today both the state and business need a new approach to energy issues as well as a gradual change in public vision regarding the geothermal energy. In addition, it will allow Ukraine in the short term already to quickly solve two problems – to minimize the dependence on imported energy and to provide its consumers with affordable heat and electricity. The transition to a completely new energy economy model will allow the country to transform from a net importer to a net exporter, abandoning economic and political dependence on Russia altogether, said Vadym Pozharskyi.

Bundesverband Geothermie eV (BVG) – the largest geothermal association in Europe, with headquarters in Berlin, established in 1991. Today BVG brings together about 600 companies and individuals that use geothermal technology for cooling, heating and power generation.

Geothermal Energy Association (GEA) – the world’s largest lobbyist, discussion and trade organization in the geothermal field. Its members include major international companies that use geothermal energy and geothermal resources for power generation and direct heat. In addition, it is the only organization in the world, which works directly with the governments of several countries on the development and utilization of geothermal resources. It was used as a basis for creating the largest analytical and advisory center, collecting data for geothermal industry worldwide.

Notes to editors:
Burisma Holdings, founded in 2002, is the largest independent gas producer in Ukraine. The Holding comprises four operating companies engaged in mining and hydrocarbon production, including Energy service company “Esko-Pivnich”, “Pari”, “First Ukrainian Petroleum Company” and “Aldea”. In 2014, total natural gas production was 692 million cubic meters, which is 50.4% more compared to the same period last year. Burisma Holdings owns 20 licenses for hydrocarbon production in all major oil and gas basins of Ukraine. The entire volume of production is sold at the domestic market of Ukraine. #EnergySecurityUkraine

For more detailed information please contact our press-center: media@burisma.com

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