Burisma Holdings Expands into Kazakhstan

17 December 2014

Burisma Holdings, the largest independent gas producer in Ukraine, signed an agreement with the Kazakh national oil & gas company NC “KazMunaiGas” (KMG), thus, being the first company in Ukraine, to develop oil & gas resources in the Republic of Kazakhstan together with the national oil & gas company.

The agreement stipulates that Burisma Holdings together with the KMG will conduct a round of seismic and drilling operations for the hydrocarbon E&P, as well as explore the possibility of building infrastructure in the territory of the Republic of Kazakhstan.

Burisma Holdings’ representatives held a series of bilateral meetings with the Kazakh senior officials. In particular, the principal of Burisma Holdings Nicholay Zlochevskyi met with the Kazakh Prime Minister Karim Massimov and Foreign Minister Yerlan Idrisov to discuss the prospects of joint cooperation, including plans to provide Burisma Holdings with the Strategic Partner status.

The Prime Minister of Kazakhstan Karim Massimov noted the prospects of bilateral cooperation and business development of Burisma Holdings in the Republic of Kazakhstan. He also added that Burisma Holdings would be bringing new technologies, innovative American equipment and a modern approach to conducting seismic and drilling operations to the oil and gas industry of Kazakhstan.

Today, Kazakhstan is the largest oil producer in Central Asia and the second, after the Russian oil producer, – in the CIS. The country is interested in joint oil and gas E&P projects.

“It is a recognition that today Burisma Holdings has unique both onshore and offshore equipment for exploration, drilling and seismic data, which has no analogues in the post-Soviet space. At the beginning of 2015, we are planning to invest in joint projects on the territory of the Republic of Kazakhstan “, said the principal of Burisma Holdings Nicholay Zlochevskyi.

Reserve base of NC “KazMunaiGas” is one of the largest in the world, surpassing those of many leading oil and gas companies. The company owns stakes in almost all significant oil and gas assets in Kazakhstan and has the right to pre-emptive right for 100% of all new onshore deposits and 50% of offshore deposits and licenses in the country.

Besides Mr Zlochevskyi, Burisma Holdings’s delegation also included an independent director Devon Archer, Adviser to the Board Vadym Pozharskyi and a team of geologists and drilling specialists. The parties agreed to hold further talks on the main commercial, technical and contractual terms, including on the creation of a number of joint ventures with NC “KazMunaiGas” subsidiaries.

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