Georgia, Tbilisi, June 19 / Trend N.Kirtzkhalia /
A Georgian-British international oil consortium is to start prospecting and exploration work in two licensed blocks in Georgia. The founders of the consortium are the Georgian Oil Company Norio registered in the Virgin Islands and British Georgia Oil & Gas Limited, Georgia Oil and Gas Triality Limited and Georgia Oil and Gas Norio Limited.
As the Oil and Gas Corporation of Georgia told Trend, the agreement between the Georgian government and the consortium on the share distribution from the licensed blocks was signed in May 2013. The consortium won the right to work following an international tender which was conducted by the Agency for Natural Resources of Georgia on June 5, 2012.
The contract's bonus for both units amounts to $1 million. In the next four years, the consortium will undertake complex geophysical studies at each unit, including 2D and 3D system works.
According to the agreement, the investor is obliged to invest $25 million in both areas.
The territory of one block administratively belongs to Tbilisi, Mtskheta-Mtianeti and Tetri Tskaro, and the second block's territory to Tbilisi, Mtskheta-Mtianeti and Sagarejo district.
Georgia Oil & Gas Limited has been conducting operations in three licensed areas since 2011. Along with the Norio oil company, it also owns a general licence to use oil and gas resources at the licensed block.
In 2012, Georgia Oil & Gas Limited made investments to the sum exceeding $7.201 million and in 2013 - $7 million.