Burisma Group Announces 2018 Results

14 February 2019

In 2019, the Group is planning to drill 21 wells and will continue to keep up efficiency levels

The International Energy Group Burisma announced 2018 results.

In 2018, production reached 1080 million cubic meters, largely due to a renovation of 26 wells and 13 newly commissioned high-tech wells.

“Commissioning new wells, along with well workovers and intensified gas extraction enabled us in 2018 to reach required production targets,” says Burisma Group CEO Taras Burdeyniy.

This allowed the Group to transfer circa UAH 2.25 billion to state budget for rent. As announced earlier, in 2018 Burisma Group increased oil & gas condensate production by 56% accounting for 74.0 thousand tons. To compare, in 2017, Burisma extracted 47.5 thousand tons. This is the annual record for the Group, as well as all Ukrainian private gas producers.

“We have met all requirements essential for further growth and development in 2019. This year, we are planning to drill 21 new wells. We launched a refrigeration unit at the Rakytnyanske field and started construction of a new gas pipeline. As of January 1, we were in the process of drilling 9 wells, together with intensification and workovers of 4 wells. This will help increase our production capacity and keep up gas supplies to final consumers,” adds Taras Burdeyniy.

The Group attributes positive 2018 dynamics to promising geological exploration results. In 2018, Burisma Group carried out 3D seismic works on a 176 km area based on contracts for cross exploration, processing and data analysis with a number of foreign companies.

“Burisma Group is a leader in geophysical operations in Ukraine. At this point, we are focused on optimizing production volumes and increasing exploration efficiency to ensure stable growth in short and long term perspectives. Therefore, the Group allots huge funds to research, exploration and developing new areas. In fact, we are currently expecting multi-scale interpretation & refinement data for more than 1000 sq. km, as well as additonal information on a 200 sq. km area of Rakytnyanske and Ogultsivske fields in 3D format,” says Taras Burdeyniy. Following its 2019 investment strategy, the Group is planning to complete a 2D seismic survey on over 500 running kilometers and a 3D seismic survey on more than 1,500 sq km.

“In 2019, we will continue our efforts focused on optimizing production volumes and increasing exploration efficiency to ensure stable growth in short and long term perspectives,” notes Burisma Group CEO Taras Burdeyniy. Since the beginning of the year, Burisma Group has successfully completed GTU expansions at Stepkivske field.

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