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OMV Petrom signed the production sharing contract with Georgian government for Block II

Georgia does not currently produce any oil & gas offshore, and only very small amounts onshore

OMV Petrom signed the production sharing contract with Georgian government for Block II

Tbilisi, March 12 - Neftegaz.RU. Romanian OMV Petrom, part of the Austrian group OMV, will obtain the rights to conduct oil & gas exploration activities in Block II, located on the shelf and within the economic zone of the Georgian offshore Black Sea.

In June 2020, the company won the international tender organized by Georgian Ministry of Economy & Sustainable Development for offshore acreage.

Christina Verchere, CEO of OMV Petrom, said:
  • 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 PSC provides for exploration, development and production of hydrocarbon resources in the offshore Block II.
It covers a total area of 5,282 sq. km and the water depth varies between 400 and 2,000 m.

Georgian economy minister Natia Turnava noted:
  • The entry of such a large and reputable, strong company into Georgia right now, when our economy is experiencing challenges caused by the Covid-19 pandemic, is a very important message to foreign investors in general
  • The main thing that led to this company's entry in Georgia is our openness, the best business environment, political and macroeconomic stability, including the fact that our government is committed to the course of European reforms
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.

At the end of 2020, OMV Petrom sold all its onshore oilfields in Kazakhstan to focus on its portfolio in the Black Sea region.

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