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Georgia signs deal with OMV Petrom for oil, gas extraction in Georgian Black Sea waters

Baku, March 11, AZERTAC

Largest Eastern European oil company and one of the ten largest oil giants in Europe OMV Petrom and the State Agency of Oil and Gas of Georgia have signed an agreement on extracting oil and gas on the shelf of Georgian Black Sea waters, according to Agenda.ge.

As part of the agreement OMV Petrom will be allowed to carry out works in an offshore exploration block that covers a total area of 5,282 square kilometers for 25 years.

Georgian Economy Minister Natia Turnava expressed hope that the first stage of the natural resources search process will yield a positive result.

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.

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