The Fifth Annual Conference “Ukrainian Energy Forum”, organized by the Adam Smith Institute, brought together members of the European Parliament and the Verkhovna Rada, Ukraine’s regulators, the European Commission and business associations, as well as more than 350 representatives of big business and international experts from over 20 countries. The main subject of this year’s Forum was the diversification of energy supplies and increasing domestic production in order to ensure the energy security of Ukraine. Within four days, 20 leading international and Ukrainian companies have presented the best practices in the field of hydrocarbon exploration and production in Ukraine. Burisma Holdings, the largest Ukrainian independent gas producer offered its vision together with ExxonMobil, Shell, Chevron, DTEK and “Naftogaz Ukraine”.
“The Forum is designed to become a platform for learning about the key priorities of the government as well as the opportunities and projects introduced by private businesses”, noted the Chief Geologist of Burisma Holdings Mr Bogdan Krupskiy. Addressing the audience, Mr Krupskiy also pointed out that among its key goals Burisma Holdings is set to pursue the energy independence of Ukraine by increasing domestic production and applying the latest technologies in geological exploration. However, it would be impossible without the best global corporate governance and HR practices adopted by the management team and the Board of independent Directors of Burisma Holdings led by Mr Alan Apter. In the panel on the latest news in the exploration and production sphere and conditions for oil and gas producers in Ukraine, Mr Bogdan Krupskiy drew attention of the attendees to the challenges that Ukrainian gas industry is facing today. Currently, companies within the Burisma Holdings, provide for a quarter of the total gas production volumes in the country among private gas producers. At the same time, Burisma Holdings seeks to improve the efficiency of its upstream operations and invests in their modernization.
“Thanks to technological innovations in the past year, we managed to more than double the total production volumes with 3 million BOE produced compared to 1.4 million BOE for the prior year. In Q1 this year the average daily production of natural gas increased by 90% with 12.3 thousand boe compared to the same period a year earlier”, said the Chief geologist of the Company. In addition, by the end of the year the company intends to drill 21 wells, and thereby increase their number to 65. Among other things, this year Burisma Holdings is going to renew the audit of its geological reserves.
Notes to Editors
Burisma Holdings is a privately owned oil and gas company with assets in Ukraine, operating in local energy market since 2002. To date, the company holds a license portfolio in the Dnieper-Donets, the Carpathian and the Azov-Kuban basins. In the 1Q 2014, the daily gas production was 12.4 thousand boepd (barrels of oil equivalent per day – incl. gas, condensate and crude oil), including 1.9 mln m³ of natural gas. The Company sells all produced volumes in Ukraine.
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