Georgia’s Oil and Gas Agency has granted oil and gas exploration and extraction licenses to Romanian oil company OMV Petrom, a member of the Austrian OMV Group, Bm.ge reported.

The licenses cover 5,282 square kilometers in the Black Sea shelf. The Oil and Gas Agency announced an open international tender in January for a permit to conduct a search for oil and gas on the country’s Black Sea shelf. The bid was announced on January 15 this year for two sections of Georgia’s Black Sea shelf zone.

According to the agency, in the initial stage, OMV Petrom will carry out two- and three-dimensional seismic exploration works.

In case of finding the appropriate reserves, it will start drilling works.

OMV Petrom will thus be involved in a third offshore project in the Black Sea, and the first project as the leading operating company.

The Romanian subsidiary of OMV is taking over the parent company’s 45% participation in the offshore perimeter of 1-21 Han Asparuh (Khan Asparuh) in the Bulgarian Black Sea section.

Separately, OMV Petrom is already 50:50 involved alongside ExxonMobil in the Neptun Deep project in Romania’s offshore, where significant gas resources were identified.

(Photo: Pixabay)

editor@romania-insider.com