Oil Extraction Decreasing In Georgia

The volume of oil extracted in Georgia is quite small. Such a trend has been characteristic for oil extraction in Georgia for years., namely, according to information of the Oil and Gas Corporation, the volume of oil extracted in Georgia last year was 31994 tons, which was 6 563 tons less than in 2016, 8 212 tons less than in 2015 and 10 638 tons less than in 2014.

17 599 tons of total oil extracted in 2017 was distributed among contractors. The rest remained with the Oil and Gas Corporation.

Last year, 28 254 tons of crude oil was extracted, which is 9 667 tons less than in 2016.

As to oil processing, last year 23425.53 tons of oil was processed. Globusi, Ltd and ZD Navtobis Kompania, Ltd. are two oil processing plants licensed in Georgia. Licenses for both were issued in 2015 for 25 years. It is notable that Georgia’s oil product market is 98% dependent upon imported fuel. 

Besides, a Chinese Consortium is also starting extraction of oil in Georgia. Namely, last year, the State Agency of Oil and Gas launched an open international tender on V, VIA, VIB, VIC, VIIA, XIF, XIIIA, and XIV license Blocks to obtain the blanket license for the use of oil and gas resources. The winner companies have already been revealed: on Block V, with the area of 5 043 km2, negotiations have been completed with a consortium, which includes following companies: West Gulf Petroleum Engineering Company, Ltd. and China Newstar. With regard to VIB and VIA Blocks, negotiations have also been completed with a consortium consisting of Georgia Coalition Energy, Ltd. and China Newstar. An oil extraction contracts have not been yet concluded with the above companies. 

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