Thursday, April 20, 2017

Burisma plans on spending $100 million in Ukraine

ibttimes:

Last month, Burisma Group announced that it would invest US$100 million to increase Ukraine’s gas production by developing new gas fields and drilling 20 new wells. This impressive investment is a major step in helping Ukraine achieve energy independence – a strategic goal that has become a national priority over the last few years. On this $100 million investment, $74 million will be paid in taxes to the Ukrainian State.

Burisma Group President Nikolay Zlochevskyi commented, “Burisma produces billions of cubic meters of gas, pays billions hryvnias to the State budget and invests billions in gas production. Helping Ukraine achieve energy independence is one of our company's core strategic aims and we are proud to be able to play an important role in this process. We will continue investing in Ukraine and working hard to support the country at this critical time."

Not sure how much of this will be spent on KUB-GAS partnership land. The good thing to my mind is that Burisma is introducing western drilling and completion technology into its gas fields. This will have the effect of stimulating the service sector in Ukraine and benefiting all operators including Cub Energy

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