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Romania’s OMV Petrom signs production sharing contract for Block II offshore Georgia

BLACK SEA
OIL & GAS

Romania’s OMV Petrom signs production sharing contract for Block II offshore Georgia

Romania's top oil and gas group OMV Petrom signed a production sharing contract for Block II in Georgia's exclusive economic zone in the Black Sea. Source: SeeNews

Exploration works are expected to start this month, OMV Petrom said in a press release.

The contract provides for exploration, development and production of hydrocarbon resources in the offshore Block II. It covers a total area of 5,282 sq km and the water depth varies between 400 and 2,000 m.

OMV Petrom will establish an operating company in Georgia, proceed with geoscientific and environmental studies in 2021 and prepare for a large offshore 3D seismic campaign in 2022, which will allow for a detailed evaluation of this block’s potential.

By signing the PSC for the offshore exploration Block II in Georgia, we take an important step in the eastern part of the Black Sea, in line with our strategy of looking for opportunities in the Black Sea region. We believe that the Black Sea has a high potential for the upstream sector and with our operating experience of over 40 years in the Romanian offshore area we have a competitive advantage in evaluating the opportunities of this basin.

Christina Verchere, CEO, OMV Petrom

OMV Petrom won in June an international tender organised by the Georgian economy ministry for offshore acreage.

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