Burisma Holdings takes part in the IV Global Summit on Geothermal Energy in Reykjavik

18 February 2015

Burisma Holding, the largest independent Ukrainian gas producer participated in the 4th Global Geothermal Energy Summit in Reykjavik (Iceland). For the first time ever, Ukraine joined expert community’s talks on alternative energy issues through exploring more environmentally friendly and cheaper energy sources such as geothermal energy.

“The fact that Burisma Holdings was the first company in Ukraine to enter international level discussions in this sphere means a lot to us. It was a unique opportunity for Ukraine, being one of the largest countries in Europe with a 45-million population, to join technologically advanced countries, “- said the adviser to the Board of Directors at Burisma Holdings Vadym Pozharskyi.

According to the “Annual US & Global Geothermal Power Production Report 2014” done by the Association for Geothermal Energy (GEA), geothermal energy is currently one of the fastest-growing segments among alternative energy sources in the world, with annual growth of circa 4-5%. Today, global geothermal production is at different development stages with more than 700 geothermal projects in 76 countries, which upon successful completion of all construction works in 2017 will come to a nominal capacity of 13450 MW.

According to Vadym Pozharskyi, Ukraine has immense potential for diversification of energy sources, and, thus, strengthening its energy independence. The transition to a new energy economy model could transform the country from a net importer to a net exporter. “With American and European expertise in the development of alternative energy sources, our country could get much-needed resources to implement its strategic objective – energy security”- summed up Vadym Pozharskyi.

According to participants, in many countries worldwide, small-scale projects on alternative energy act as one of the main energy sources. Just a few years ago, when Europe faced the problem of volatility, many countries adopted a state program to promote the use of renewable energy and especially geothermal resources as a guarantor of energy independence.

The geothermal resources map drafted by the State Service of Geology and Mineral Resources of Ukraine shows that almost a third of the territory of Ukraine is promising for geothermal energy development. The development of proven resources alone will cover more than 10% of Ukraine’s demands in heat energy and reduce dependence on imports.

Notes to editors:
Burisma Holdings, founded in 2002, is the largest independent gas producer in Ukraine. The Holding comprises four operating companies engaged in mining and hydrocarbon production, including Energy service company “Esko-Pivnich”, “Pari”, “First Ukrainian Petroleum Company” and “Aldea”. In 2014, total natural gas production was 692 million cubic meters, which is 50.4% more compared to the same period last year. Burisma Holdings owns 20 licenses for hydrocarbon production in all major oil and gas basins of Ukraine. The entire volume of production is sold at the domestic market of Ukraine. #EnergySecurityUkraine

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