OMV Petrom Snaps Up Black Sea Block in Georgia

June 29, 2020

 Illustration; Batumi/Georgia - Image by IgorZh/AdobeStock
Illustration; Batumi/Georgia - Image by IgorZh/AdobeStock

Romania's OMV Petrom has provisionally won the rights to explore for oil and gas in a Black Sea block off the coast fo Georgia.

OMV Petrom said Monday it had been selected as the winner of the open international tender held by the Ministry of Economy and Sustainable Development of Georgia for the Offshore Block II.

Peter Zeilinger, member of the Executive Board, responsible for Upstream: "We continue our plans to expand our upstream activities in the Black Sea region. This is another milestone, after signing a contract to enter the Han Asparuh exploration license in offshore Bulgaria. It is a natural continuation of our more than 40 years of experience in the Romanian Black Sea waters."

The offshore exploration block covers a total area of 5,282 square kilometers.

It will be formally awarded only if the negotiation of a Production Sharing Contract is successfully finalized. If so, OMV Petrom will obtain the rights to conduct oil and gas exploration activities in Block II, located on the shelf and within the economic zone of the Georgian offshore Black Sea, the company, the largest contributor to the Romania state budget, said.



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