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Georgian Oil and Gas Corporation reveals amount of oil extracted in country

Oil&Gas Materials 26 February 2021 14:31
Georgian Oil and Gas Corporation reveals amount of oil extracted in country

BAKU, Azerbaijan, Feb.26

By Tamilla Mammadova – Trend:

The amount of oil extracted in Georgia stood at 29,700 tons in 2020, which is 2.3 million tons less compared to the data of 2019, Trend reports via the Georgian Oil and Gas Corporation (GOGC).

The investors' share out of the extracted oil amounts is 17.3 tons, and while the state's - 12.4 tons.

As for gas extraction, in 2020, it stood at 9 million cubic meters, out of which the state's share was 3 million.

Oil drilling and extraction activities in Georgia are carried out at licensed areas, so-called exploration license blocks.

Six investment companies are involved in oil extraction activities, which are as follows: the Ninotsminda Oil Company, the Schlumberger Rustaveli Company Limited, the Frontera Resources Georgia Corporation, VPI Georgia, Satskhenisi Georgia, Norio Khevi Georgia, and the Oil and Gas Corporation.

Seven investment companies carry out oil exploration activities, which are as follows: GOG Limited, Elenilto, Georgia New Ventures Inc., Norio Oil Company, LTD West Gulf Petroleum Engineering Company, and the Coalition Energy Limited Company.

The OMV Petrol Austrian multinational integrated oil and gas company is set to start oil and gas extraction activities on the Black Sea shelf. The State Agency of Oil and Gas of Georgia and the OMV Petrol will conclude the corresponding agreement on oil exploration activities in the coming days.

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