EMBATTLED U.S. OIL GIANT ENTERS GEORGIA OPERATIONS
British company JKX Oil & Gas plc (JKX) announced that Unocal CAME IV Ltd (Unocal) would farm-in to the Georgia Black Sea license, comprising blocks IIa, IIb and III, held by Anadarko Georgia Ltd (Anadarko), BP Exploration Operating Company (BP) and Turkish Petroleum Overseas Company (TPOC).
In a relevant press statement, the British company has added that the assignment of interest is subject to approval by the State Agency for the Regulation of Oil & Gas Resources of Georgia and the national oil company, Georgian Oil.
The corresponding production-sharing contract will hence be jointly held
by Anadarko (48.0%), BP (28.5%), TPOC (13.5%) and Unocal (10%); JKX retains a 4% net profit interest in the production-sharing contract through its wholly owned subsidiary, JKX (Navtobi) Ltd.
Georgia issued JKX a license to develop the Black Sea shelf 11 years ago. However, the British company has later relinquished its operational rights to Anadarko in return for a net profit interest.
JKX Oil & Gas plc is an exploration and production company with license interests in Bulgaria, Georgia, Italy, Russia, Turkey, Ukraine, and the United States.