Georgia searches for oil
The Georgian and British International Petroleum Consortium starts exploration works at two licensed blocks in Georgia.
The Consortium has been founded by the Georgian “Norio Petroleum Company”, registered at the Virgin Islands, and British Georgia Oil & Gas Limited, Georgia oil and gas Triality Limited, and и Georgia oil and gas Norio Limited.
According to Georgian Oil and Gas Corporation, the production sharing agreement between the Georgian Government and the Consortium was signed in May 2013. The Consortium has been granted the right for these works based on the results of the international tender, conducted by the Georgian Natural Resources Agency in June 5, 2012.
Administrative-wise the territory of the first block belongs to Tbilisi, Mtskheta-Mtianeti, and Tetri Tsqaro, while the second one belongs to Tbilisi, Mtskheta-Mtianeti, and Sagarejo District.
English translation by BSN