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ASTANA (TCA) — Burisma Holdings, the largest independent gas producer in Ukraine, has signed an agreement with the Kazakh national oil and gas company KazMunaiGas (KMG) and thus become the first Ukrainian company to develop oil and gas resources in Kazakhstan together with KMG, the Ukrainian company said.

The agreement stipulates that Burisma Holdings together with KMG will conduct seismic and drilling operations for hydrocarbon exploration and production, as well as explore the possibility of building infrastructure in the territory 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 Masimov and Foreign Minister Yerlan Idrisov to discuss the prospects of joint cooperation, including plans to provide Burisma Holdings with the Strategic Partner status.

Prime Minister Masimov said 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.

"In the beginning of 2015, we are planning to invest in joint projects in the territory of Kazakhstan," said the principal of Burisma Holdings Nicholay Zlochevskyi.

The parties have agreed to hold further talks on the main commercial, technical and contractual terms, including on the creation of joint ventures with KazMunaiGas subsidiaries.

Burisma Holdings is the company in which US Vice President Joe Biden’s son, Hunter, is a member of the board of directors. Hunter Biden is in charge of the Holdings’ legal unit and is responsible for providing support for the company among international organizations, according to the company’s earlier press release.
 
Burisma Holdings is a privately owned oil and gas company with assets in Ukraine and operating in the energy market since 2002. To date, the company holds a portfolio with permits to develop fields in the Dnieper-Donetsk, the Carpathian and the Azov-Kuban basins. In 2013, the daily gas production grew steadily and at year-end amounted to 11.6 thousand BOE (barrels of oil equivalent – incl. gas, condensate and crude oil), or 1.8 million cubic meters of natural gas. The company sells these volumes in the domestic market through traders, as well as directly to final consumers.

It was earlier reported that Burisma Holdings prepared to drill shale gas in eastern Ukraine.

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