Russia and the region are endowed with one of the world’s most diverse and rich reserves of natural resources. Baring Vostok funds have actively invested in energy and forestry companies starting from the early privatisation projects of the 1990s, and later with the establishment of Burren Energy, an international oil company with assets in the Caspian region, in Africa, India and the Middle East. Since 1994, The funds have invested in a total of 18 projects related to natural resources, with total investments approximately $450 million .
Burren Energy

Burren Energy

Oil company with primary production in Turkmenistan and Congo. Currently a part of ENI Group. Fully exited in 2008
Location:
Turkmenistan, Congo
Years:
1995-2008
Shareholding:
Large minority stake
Control in consortium
Exit:
IPO at LSE, Sale to a strategic investor

In January 2008, Burren Energy was purchased by Eni, Italy’s largest oil company.

Burren Energy started out as an oil transporter, using rented tankers in the Volga-Caspian and the Black Sea basins. Baring Vostok’s funds were one of the first investors in the company.

Development stages:

  • Having gained a reputation as a reliable oil transporter, in 1995 the company was invited as a 25% partner in a consortium to develop the Nebit-Dag (Turkmenistan) oil field.
  • Due to a drop in oil prices to $10 per barrel, other participants of the consortium decided to exit, and Burren acquired a 100% stake in Nebit-Dag in 2000.
  • Since taking over as operator, company cut expenses to less than $10 per barrel and managed to restore its profitability even at very low oil prices.
  • One of the most important strategic decisions was the geographic diversification of Burren Energy’s activities. In 2002, the company purchased a license to develop the Kouilou field (Congo).
  • In December 2003, Burren Energy successfully placed 23% of its shares on the London Stock Exchange.
  • The company’s gross profit increased from $6.8 million in 2001 to $353 million in 2007. Burren also increased oil production to over 20 ths barrels per day following an extensive drilling and workover program.

Other projects

News

31 January 2017

Nostrum Oil & Gas: Operational Update for the Fourth Quarter and the Twelve Months ending 31 December 2016.

Nostrum Oil & Gas PLC, an independent oil and gas company engaging in the production, development and exploration of oil and gas in the pre-Caspian Basin, today announces its operational update for the twelve months period ending 31 December 2016. This update is being issued in advance of the release of Nostrum’s consolidated accounts for the same period. The information contained in this update remains subject to review by the independent auditors.
29 November 2016

Volga Gas Pls. LPG Project Authorisation.

Volga Gas Plc is pleased to announce that the Board of the Company has given preliminary authorisation to a project based at the Group's Dobrinskoye Gas Processing plant for the capture, storage and sale of liquid petroleum gases from the gas and condensate streams produced from the Vostochny Makarovskoye and Dobrinskoye fields.
10 June 2016

Volga Gas plc. Operational Update.

Volga Gas plc, the oil and gas exploration and production group operating in the Volga Region of Russia, is holding its Annual General Meeting today and is pleased to provide the update on its activities and operations.
02 May 2012

AVITO.ru closes $ 75 million fund-raising from Accel Partners and Baring Vostok Private Equity Fund IV to accelerate Russian expansion.

<p>AVITO.ru, the largest online classifieds website in Russia, announced today that it has received $75 million in new funding from Baring Vostok Private Equity Fund IV, Accel Partners, and existing investors Kinnevik and Northzone. The new funds will be used to further fuel the company’s strong growth throughout Russia and to continue attracting world-class talent.</p>