Georgian Prime Minister Irakli Gharibashvili, together with Minister of Economy and Sustainable Development Natia Turnava, met with those at the helm of the OMV Petrom SA OIL Company, which will carry out oil and gas extraction efforts in Georgia. The corresponding oil and gas extraction contract has already been concluded between the two parties.
At the meeting with the Administration of the Government, they made a reference to the significance of the project and stressed that Georgia would soon join the list of the countries where oil and gas exploration and extraction efforts are made on shelf areas.
The project provides for obtaining, purchasing, and processing the geological and geophysical data for 25 years on the continental shelf (5,282 km2) of Georgian Black Sea waters for the purposes of extracting oil and gas there.
The Georgian PM mentioned that the Georgian government stands ready to cooperate with OMV's daughter company OMV PETROM and is prepared to support it in the successful implementation of the project.
Mr.Gharibashvili also pointed out that the powerhouse entering Georgia is a clear testimony to the fact that the existing business environment in the country is attractive on a global scale.
Christina Verchere, the General Manager and President of the Board of Directors of OMV Petrom Global, Bernhard Krainer, Head of Exploration and Appraisal at OMV Petrom, and OMV PETROM Business Development and Commerce Director Jose Rafael Duque-Ramirez participated in the meeting.
After the meeting with the Georgian prime minister, Head of State Agency of Oil and Gas, Bernhard Krainer and Jose Rafael Duque-Ramirez signed the agreement at the Administration of the Government.
A similar OMV-related project, the discovery of The Domino gas field, costs USD 1.5 bln. Exploration efforts are currently underway in the following Black Sea basin countries: Russia, Turkey, Bulgaria, Romania, and Ukraine.
