Burisma now operating with and is a customer of NOV in Ukraine

August 15, 2016

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The International Energy Group Burisma has officially bought and is operating with equipment of the US drilling equipment manufacturer National Oilwell Varco (NOV) in Ukraine.

Based in Houston (Texas), NOV is an American multinational corporation and a leading worldwide provider of equipment and components used in oil and gas drilling and production operations, oilfield services, and supply chain integration services to the upstream oil and gas industry. The company conducts operations in more than 1200 locations across six continents. NOV designs and manufactures its own drilling rigs and offshore platforms providing a full range of drilling equipment. In addition, the company offers a wide range of oil and gas services. The company’s common stock is traded on the New York Stock Exchange (NYSE), with market capitalization over $10 bln.

The equipment purchased from National Oilwell Varco will facilitate the use of innovative oil & gas equipment in Ukraine making Burisma a key provider of latest technologies in natural gas production in the country. In particular, Burisma will be able to purchase echelon-type drilling rigs with load capacity ranging from 160 MT to 950 MT; fixed rigs with load capacity from 160 MT to 950 MT; mobile drilling rigs; down-hole equipment: drill bits, hydraulic engines, engines, etc.

The purchasing of the equipment from the largest multinational equipment manufacturer is the first step in the direction of becoming the largest Ukrainian infrastructure agreement in the private gas production market on record.

“A path forward demonstrates the interest of major equipment manufacturers towards Ukraine and production of hydrocarbons in the region”, noted the Advisor to the Board of Directors at Burisma Vadym Pozharskyi.

According to him, today NOV has 800 offices in 60 countries around the world. Ukraine will become another market to benefit from the best-in-class equipment making drilling operations even more efficient.

“In many cases, at the early field development, companies would only extract hydrocarbons from most productive horizons, leaving marginal layers with often significant hydrocarbon reserves undeveloped. NOV equipment, however, enables the development of hard-to-recover reserves increasing production volumes, the share of recoverable reserves and economic indicators”, stressed the CEO for Ukrainian Operations at Burisma Taras Burdeinyi.

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

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