Canargo Limited plans to start geological prospecting and drilling work in Georgia

Oil&Gas Materials 19 December 2012 13:23 (UTC +04:00)

Georgia, Tbilisi, Dec.19 / Trend, N.Kirtskhalia /

Investor of the Oil and Gas Corporation of Georgia, Canargo Limited intends to start geological prospecting and drilling work in Georgia from 2013, the Corporation said.

According to the report, based on updated management and increased financial capacity, a work programme for 2013-2014 has already been developed. The management plans to specify the potential of oil and gas content on licensed blocks, as well as increasing production.

Canargo Limited attracted Czech oil company MND for the business development. It is an investor in three production sharing agreements and owns four licensed areas.

The Georgian territory is divided into licensed areas (blocks), in which investment companies are engaged in the exploration and production of oil. They have contracts with the state on production sharing. The Oil and Gas Corporation of Georgia which is the national oil company, provides partnership services to companies in planning operations, holds monitoring and controls their activity.

At present, six investor companies including Canargo Limited are engaged in oil exploration and production in Georgia.