Minister: Georgia searches for oil on home ground

Photo: Minister: Georgia searches for oil on home ground / Oil&Gas

Tbilisi, Georgia, Feb. 12
By Nana Kirtzkhalia - Trend:

Georgia is searching and exploring for oil deposits in the country, Georgian Energy Minister Kakha Kaladze told media on Feb. 12.

"There is an opportunity of discovering fields with reserves of 680 million tons of oil in Georgia," he said.

Oil production started in Georgia in the 1990s. The matter rested in the volumes of 3.5 million tons of oil per year. Currently, oil is being produced in Georgia, but the required volumes have not yet been achieved, the minister said.

"We have the licence blocks," he added. "A poll of interests in which the foreign companies are involved has been announced."

"At present, Georgia has 25 licensed blocks where exploration operations are being conducted, but a positive result has not yet been achieved," he added.

Georgia imports nearly 100 percent of consumed oil products. Some 28.89 percent of these imports accounted for Azerbaijan. Georgia imported oil and oil products amounting to $954.41 million in 2013. Some 295,740 tons of oil and oil products amounting to $275.69 million were sent from Azerbaijan.

Translated by NH

Edited by SM

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