Largest Eastern European oil company enters Georgian Black Sea waters
OMV Petrom will start operating in Georgian Black Sea waters. Photo: Nino Alavidze/Agenda.ge.
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Largest Eastern European oil company OMV Petrom and one of the ten largest oil giants in Europe, is entering Georgia to extract oil and gas in the country as a result of winning an open international tender last year, announces the Ministry of Economy of Georgia.
The agreement on extraction, acquisition, processing and re-interpretation of geological and geophysical data for oil and gas extraction will be signed in the nearest future.
Photo: 1tv.ge.
The company will be allowed to carry out works in the offshore exploration block that covers a total area of 5,282 square kilometers for 25 years.
The fact that such a large business group is entering Georgia despite the pandemic shows that our investment climate is so resistant to external shocks that the pandemic could not do anything. On the contrary, we have several notable examples of the entry of leading companies in its field into both industry, IT and so on", Georgian Economy Minister Natia Turnava siad.
OMV Petrom will carry out two and three dimensional seismic exploration works, and at the last stage drilling will begin.
The cost of the drilling stage depends on the results of the studies.
Georgia is the only country in the Black Sea basin where oil and gas works are not underway on the shelf.
Georgian Agriculture Ministry will spend 16 million GEL ($4.86 mln/€4.42 mln) to make sugar, oil and pasta stocks in the country due to the coronavirus outbreak.The ministry will buy 5,000 tonnes of sugar, 500 tonnes of pasta and 1.5 tonnes of sunflower oil.
Romanian oil and gas company OMV Petrom will begin oil and gas exploration operations in Georgia’s Black Sea waters.
An open international tender has been announced by the State Agency of Oil and Gas for a license to conduct a search for oil and gas on the country’s Black Sea shelf, where currently no companies are operating.
Two men have been arrested for regularly stealing large amounts of crude oil from the BP-operated Baku-Supsa Pipeline in Georgia.
Largest Eastern European oil company and one of the ten largest oil giants in Europe OMV Petrom and the State Agency of Oil and Gas of Georgia have today signed an agreement on extracting oil and gas on the shelf of Georgian Black Sea waters.
Natural gas reserves in Georgia’s Black Sea shelf and exploration works planned by OMV Petrom, the largest energy company in Southern and Eastern Europe, were discussed at a meeting between Levan Davitashvili, Georgia’s Economy Minister, and the company delegation on Wednesday.