BAKU, Azerbaijan, March 11
By Tamilla Mammadova – Trend:
OMV Petrom, the largest energy company in South-Eastern Europe, signed the Production Sharing Contract (PSC) for the offshore Block II in the exclusive economic zone of Georgian Black Sea, the OMV Petrom told Trend.
According to the source, OMV Petrom won in June 2020 the international tender organized by the Ministry of Economy and Sustainable Development of Georgia for offshore acreage.
„By signing the PSC for the offshore exploration Block II in Georgia, we take an important step in the eastern part of the Black Sea, in line with our strategy of looking for opportunities in the Black Sea region. We believe that the Black Sea has a high potential for the upstream sector and with our operating experience of over 40 years in the Romanian offshore area we have a competitive advantage in evaluating the opportunities of this basin,” the company said.
According to the source, the PSC provides for the exploration, development, and production of hydrocarbon resources in the offshore Block II. It covers a total area of 5,282 square kilometers and the water depth varies between 400 and 2,000 meters.
"As an operator, OMV Petrom will establish an operating company in Georgia, proceed with geoscientific and environmental studies in 2021 and prepare for a large offshore 3D seismic campaign in 2022, which will allow for a detailed evaluation of this block’s potential," the company said.
OMV Petrom is the largest integrated energy company in South-Eastern Europe, with an annual Group hydrocarbon production of 53 million boe in 2020. The Group has a refining capacity of 4.5 million tons annually and operates an 860 MW high-efficiency power plant. The Group is present on the oil products retail market in Romania and neighboring countries through 793 filling stations, at the end of 2020, under two brands – OMV and Petrom.
OMV Petrom is the largest contributor to the state budget, with contributions of approximately 32 billion euros in taxes and dividends paid between 2005 and 2020.
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