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At least $ 150 million investment in exploration and production of oil in Georgia

2013-03-28 17:07

Foreign investors will invest in oil exploration and production in Georgia at least $ 150 million. According to the Echo of the Caucasus, this was announced by the country's National Agency of the oil and gas.


In 2012, the exploration and production of oil in Georgia took $ 68 million.

Investors of the relevant works are several companies, including American-British Blake Oil and Gas, which is mainly operating in the Kakheti region, and the Indian Jindal Petroleum, spanning several regions. Since last fall Jindal Petroleum has drilled eight wells of the planned 10. According to the Indian company, each of them requires investments in the amount of $ 5 to 20 million.

Now, at average Georgia is annually producing 50 thousand tons of oil. Since in Georgia there is no appropriate refining capacity, all extracted materials are being sent abroad, the Business-Georgia reported.


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