Georgia plans to initiate a rebirth of its petroleum industry, which had its “Golden Age” in the 1980s, extracting 3 million tons of oil annually. The last oil extraction rate was at 50,000-100,000 tons. Georgia has two oil reserves in the east and west of the country. One of the main reserves lies at the Kura River, similar to the one in Azerbaijan. The landscape structure there is similar to that of Chechnya in the North Caucasus, Business Georgia reports.
The Agency for Natural Resources of the Georgian Ministry for Energy and Natural Resources signed a deal with several licensing blocs.
The Georgian Oil Corporation, Vektra Investment Private Limited (India), Trans Atlantic Corporation (Australia), Strait Oil and Jeslimited (UK-Australia) are planning to develop blocs in the next 25 years.
The head of the Agency for Natural Resources, Georgy Tatishvili, says that about $85 million will be invested in 4 years. The government will receive compensation of over $7 million.
