Georgia signs oil agreements with foreign investment companies
Azerbaijan, Baku, Nov. 11 /Trend, A.Badalova/
LEPL "Agency of Natural Resources" at the Georgian Energy and Natural Resources Ministry signed agreements on oil search and extraction with the several foreign investment companies, the ministry reported on Friday.
VII-B block (western Georgia) license agreement was signed with the Indian Vectra Investment Pvt. Ltd, which obtained the activity license in the tender held in January, 2011. Also, the British-Australian company Transatlantic Incorporation obtained the XI-G block search and exploration license.
VIII block (eastern Georgia) license for oil and gas operations was bought by the British-Australian Strait Oil and Gas Ltd.
XI-A block license was obtained by the "Georgian Oil and Gas Corporation".
LEPL "Agency of Natural Resources" and the "Georgian Oil and Gas Corporation" will sign XI-A block search and extraction agreement next week.
License blocks are located in the west and east Georgia, as well as in the Adjara region. Each license will be valid for 25 years.
Under the agreements signed between the Georgian government and the investors, the state will receive a bonus of $7.044 million. Approximately $85 million will be invested in license blocks in Georgia within four years.