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Georgia approves draft agreement with largest oil company in Eastern Europe

Oil&Gas Materials 25 February 2021 21:50
Georgia approves draft agreement with largest oil company in Eastern Europe

BAKU, Azerbaijan, Feb.25

By Tamilla Mammadova – Trend:

The Georgian Government has approved the draft agreement with the OMV Petrom SA, the largest oil company in Eastern Europe on February 25, Trend reports via Georgian media.

OMV Petrom SA will begin oil and gas exploration in Georgian Black Sea waters. Austrian OMV Group is the co-founder of OMV Petrom S.A.

The contract allows the company to conduct work for 25 years.

"We have high hopes that the company’s activities in Georgia will be successful. Oil extraction is a promising sector. It will considerably contribute to the development of the country’s economy ", Minister of Economy Natia Turnava, stated in the briefing.

The minister noted the company’s entry indicates that the investment climate is sustainable in the country.

OMV Petrom SA won the tender and obtained a general license to exploit the oil and gas resources of the Black Sea in Georgia on June 22, 2020.

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