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Georgia to Soon Start Searching for Hydrocarbons on Black Sea Shelf

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The State Oil and Gas Agency of Georgia will soon sign an agreement on the share distribution of products with the Austrian oil and gas company OMV Petrom

This was announced on February 26 by the Minister of Economy and Sustainable Development Natia Turnava.

In the summer of 2020, the Austrian company won a tender for obtaining a general license for the use of oil and gas resources in the Black Sea on a shelf area of 5.3 thousand square kilometers.
“Today the government approved the agreement, which will be signed in a few days … OMV Petrom discovered one of the largest oil fields off the coast of Romania, Domino 1, in 2012, and we very much hope that its activities in Georgia will be as successful as there are many new discoveries and there will be a great contribution to the development of the country’s economy, because oil production is a promising area, there is a high interest, and we also pin great hopes on this company,” Turnava said. 

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