Georgia extracts 29.7 tons of oil and nine mln cubic meters of gas

Georgia extracts 29.7 tons of oil and nine mln cubic meters of gas

As the Georgian Oil and Gas Corporation data have it, the amount of oil extracted in Georgia stood at 29.7 thousand tons in 2020, which is 2.3 mln tons less compared to the data of 2019. The investors' share out of the extracted oil amounts is 17.3 tons, and 12.4 tons is of the state.

As for gas extraction, in 2020, it stood at nine mln cubic meters, out of which the state's share was three mln.

Oil drilling and extraction activities in Georgia are carried out at licensed areas, so-called exploration license blocks.

Six investment companies are involved in oil extraction activities, which are as follows: the Ninotsminda Oil Company, the Schlumberger Rustaveli Company Limited, the Frontera Resources Georgia Corporation, VPI Georgia, Satskhenisi Georgia, Norio Khevi Georgia, and the Oil and Gas Corporation.

Seven investment companies carry out oil exploration activities, which are as follows: GOG Limited, Elenilto, Georgia New Ventures Inc., Norio Oil Company, LTD West Gulf Petroleum Engineering Company, and the Coalition Energy Limited Company.

The OMV Petrol Austrian multinational integrated oil and gas company is set to start oil and gas extraction activities on the Black Sea shelf. The State Agency of Oil and Gas of Georgia and the OMV Petrol will conclude the corresponding agreement on oil exploration activities in the coming days. 

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