Burisma Holdings, Ukraine’s leading private gas producer, participated in the LAGCOE 2015 (Louisiana Gulf Coast Oil Exposition) conference. This biennial event is the world’s oldest and most renowned oil and gas conference. This year the event organizers teamed up with Burisma Holdings for its 30th anniversary.
LAGCOE has been fueling global energy solutions for 60 years. The first forum was held in Lafayette in 1955. Since Louisiana has been a U.S power gateway for decades, it is no coincidence that for sixty years it has hosted the world’s largest exhibition of the petroleum and energy industry: bringing together experts in the field of offshore and onshore oil and gas production technologies. The current exhibition gathered more than 430 companies and 17 thousand industry experts, from engineers and technicians to the leaders of the oil and gas industry across the globe, as well as representatives of government agencies in charge of the energy, oil, and gas sectors of the economy across 47 states and 43 countries.
“In over half a century, LAGCOE has made a giant leap from a local platform into an international exhibition, showcasing cutting-edge technologies in the oil and gas industry. Apart from exhibiting best-in-class equipment every two years, key industry decision-makers come together to define most promising investment markets. For the first time in over 60 years, Mexico and Ukraine came into play as likely investment possibilities. At the panel “Transforming Ukraine’s Oil & Gas Sector: Major Reforms and Emerging Opportunities for U.S. Partners” companies from Ukraine had a chance to present the country’s numerous investment opportunities, as well as their own achievements in hydrocarbon production”, noted Burisma Holdings Board Director, Mr. Devon Archer.
According to Devon Archer, the fact that “the Ukraine question” is on the LAGCOE agenda speaks to the significant potential of the gas industry, especially in the light of Europe’s energy security. At the same time, Ukrainian panel participants noted Ukraine’s extremely slow progress in reforming the tax system for the gas industry, making it less competitive and unattractive to investors. This is not only in comparison with Mexico, but also with neighboring Eastern European countries.
“Despite regular statements from the Deputy Minister of the Cabinet of Ministers of Ukraine, and the head of the official Ukrainian delegation, Mr Vadym Glamazdin, U.S. investors have continued to point to the promise the Minister of Finance of Ukraine, Natalia Yaresko, made at the July conference in Washington to reduce the rental payments and the fiscal and regulatory burdens on the industry”, stressed Devon Archer.
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