Largest Eastern European oil company enters Georgian Black Sea waters

OMV Petrom will start operating in Georgian Black Sea waters. Photo: Nino Alavidze/Agenda.ge.

Agenda.ge, 25 Feb 2021 - 16:21, Tbilisi,Georgia

Largest Eastern European oil company OMV Petrom and one of the ten largest oil giants in Europe, is entering Georgia to extract oil and gas in the country as a result of winning an open international tender last year, announces the Ministry of Economy of Georgia.

The agreement on extraction, acquisition, processing and re-interpretation of geological and geophysical data for oil and gas extraction will be signed in the nearest future.

Photo: 1tv.ge.

The company will be allowed to carry out works in the offshore exploration block that covers a total area of 5,282 square kilometers for 25 years.

The fact that such a large business group is entering Georgia despite the pandemic shows that our investment climate is so resistant to external shocks that the pandemic could not do anything. On the contrary, we have several notable examples of the entry of leading companies in its field into both industry, IT and so on", Georgian Economy Minister Natia Turnava siad.

OMV Petrom will carry out two and three dimensional seismic exploration works, and at the last stage drilling will begin. 

The cost of the drilling stage depends on the results of the studies. 

Georgia is the only country in the Black Sea basin where oil and gas works are not underway on the shelf.