Today, Gazprom’s Management Committee has approved business plan on Burgaz’s core activity up to 2010. The business-plan was elaborated under the order “On measure of restoring solvency and stabilization of Burgaz’s business activity” dated 11 June 2003.

The paper envisages the implementation of the Program on economical recovery of the drilling company under Gazprom’s surveillance and includes measures aimed at financial stabilization, leasing-based technical re-equipment and costs management.

Gazprom’s Management Committee has instructed relevant Gazprom’s departments to contemplate, within the investment program of the company for 2004, maximum loading of Burgaz’s production capacities necessary for providing its economic stability, and to fulfill initiatives, set up in the business plan, on restructuring Burgaz’s indebtedness to Gazprom. By 1 February 2004, a draft program on improving the efficiency of drilling operations in Gazprom has to be worked out.

Reference:

DOOO Burgaz is a Gazprom’s 100% subsidiary and is the prime contractor for constructing exploratory and producing wells. In 2003, Burgaz fulfills 87% of drilling operations under Gazpom’s order.

The company effects complete cycle of well construction, from cluster site opening-up to well turnkey construction, and renders services on formation hydraulic fracturing and non-operational well stock overhaul and re-commissioning.

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