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OMV Petrom wins tender for Black Sea block II license in Georgia

BLACK SEA
OIL & GAS

OMV Petrom wins tender for Black Sea block II license in Georgia

OMV Petrom plans to become more active in the Black Sea -- where it has already made the major Neptun gas discovery offshore Romanian with ExxonMobil -- through an exploration campaign offshore Georgia. Source: S&P Global Platts

OMV Petrom took part in an international tender held by the Georgian economy ministry this year for two Black Sea blocks.

According to the country's state oil and gas agency, OMV won the license for Black Sea block II, covering some 5,282 square km (2,032 square miles).

On June 25, Georgia's economy minister Natia Turnava announced OMV Petrom as the winner of the block, hailing the transparent process for opening up its offshore to gas exploration.

Turnava said OMV Petrom would first carry out 2-D and 3-D seismic before starting drilling.

The tender was launched in January with bids submitted by an April deadline.

Exploration has been widely carried out in the Black Sea by the other littoral states Bulgaria, Romania, Ukraine, Russia and Turkey.

Georgia is the only country in the Black Sea basin where exploration is not underway.

The State Oil and Gas Agency

Local onshore gas production currently accounts for less than 0.5% of annual consumption -- which is around 2.5 Bcm/year -- with the remainder imported.

Georgia hopes to boost production in the coming years to reduce its import dependence, replicating the successes of gas exploration in the Black Sea particularly by Romania and Ukraine.

The Neptun discovery, which is estimated to hold up to 84 Bcm of gas, remains undeveloped due to concerns over the regulatory framework in Romania.

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