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Oil Production in Georgia

Published: August 28, 2013 | 10:19 am
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The magazine Business New Europe has written about the Georgian oil production capabilities. It is evident from the material that Georgia is planning to revive oil production. TV3 has sought to find out whether the country has any realistic prospects in this regard. Giorgi Tatishvili, the head of the National Oil and Gas Agency, has stated that based upon preliminary seismic data, up to 15 new oil wells are expected to be uncovered in Georgia by 2017. According to him, the $38 million investment during the first two quarters of this year will be sufficient to gain access to the new resources. The oil exploration works are carried out by the Indian company MND Group. The addition of further investors in the near future has not been ruled out by Mr. Tatishvili.
According to the geologist Iuri Bakhtadze, only 55 000 m3 of oil are being extracted from the currently operating wells in Georgia, which is a small amount compared to the neighbouring countries. However, Mr. Bakhtadze welcomes the recent increase in activity in this area.

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