BAKU, Azerbaijan, October 2
By Tamilla Mammadova – Trend:
Austrian OMV Petrom has been selected as the winner of the open international tender held by the Ministry of Economy and Sustainable Development of Georgia for the Offshore Block II, the OMV Petrom told Trend.
"We are currently negotiating the contract terms in order to obtain the rights to conduct hydrocarbons exploration activities in Block II. We will keep the interested stakeholders informed on the outcome of the ongoing negotiations," the company said.
As the company noted, it is monitoring the business environment in Georgia for some time.
"We have decided to enter the international bid launched by the Georgian Ministry of Economy, as this fits our strategic objectives and matches our expertise," the OMV Petrom added.
According to the company, it's focus is the oil and gas industry and its offshore prospectives in Georgia and it aims to roll out its expertise, knowledge, and experience of the Western part of the Black Sea into the Eastern part as well.
"We have done technical evaluations and regional geological screenings of the Georgian part of the Black Sea in the past years. For that, we could use our extensive knowledge from the Western part of the Black Sea, from Romania and Bulgaria," the OMV Petrom said.
OMV Petrom is the largest energy company in Southern and Eastern Europe.
The company is active in every aspect of the energy value chain: from wells, producing oil and gas, to refining and fuel distribution, gas supply and power generation, says the official website of the company. OMV Petrom is controlled by Austria's OMV, which is the second-largest oil and gas company in Austria and the tenth in Europe based on Forbes ratings.
According to Minister of Economy and Sustainable Development of Georgia Natia Turnava, the entry of a new, large and well-known investor in Georgia confirms that the business environment in the country, including the field of oil and gas extraction, is transparent and attractive to the world's leading companies.
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