Georgia to start oil exploration in Black Sea
Headlines
19:45 09 Nov, 2021
The total cost of the project is $30 million
Georgia will begin oil exploration on the Black Sea shelf in May 2022, Qazet.az informs, citing the Georgian Oil and Gas Corporation.
An Austrian company will carry out large-scale geological research. The total cost of the project is $30 million.
Georgia signed a production sharing agreement with OMV Petrom in April 2021. According to the document, the Austrian company has developed a 7-year action plan in Georgia.