Romanian oil and gas company OMV Petrom has signed the production sharing contract for the offshore Block II in the exclusive economic zone of the Georgian Black Sea.
OMV Petrom won in June 2020 the international tender organized by the Ministry of Economy and Sustainable Development of Georgia for offshore acreage.
Christina Verchere, CEO OMV Petrom: "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.”
The production sharing contract provides for exploration, development, and production of hydrocarbon resources in the offshore Block II. It covers a total area of 5,282 square kilometers and the water depth varies between 400 and 2,000 meters.
As an operator, 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, OMV Petrom said.