Georgia is developing its oil strategy for 2003-2020 to form a basis for relevant state policy, reportedly said Issak Novruzov, deputy Minister of energy of Georgia, speaking in Baku at В"Sustainable development of oil&gas operations in Caspian SeaВ" conference.
Novruzov said in early 80s Georgia produced 3.3mt of oil, covering 70% of the countrys needs. Later, oil production reduced significantly.
В"In the future gas production in Georgia may reach 3.5 to 4bn m3 a year. Production in 1Q2006 rose in twice over year and totaled 7mln m3В", - deputy minister said.
В"Commissioning of BTC pipeline enables exporting some 50mln bbl of crude oil a year. The pipeline operations brings Georgia in average $2mln a year, i.e. in total $2.5bn within 40 yearsВ", - Georgian official said.
BTC pipeline, he opines, significantly unloads Baku-Supsa pipeline commissioned in 1999 and capable to transfer 5.7mt of oil (115k bbl a day). This pipeline will be used to transfer Caspian and Middle Asian oil to European markets using tankers up to Odesa-Brodi pipeline. Upon construction of compressor station, its throughput capacity will be raised to 10mt a year.