The Georgian government has signed a deal with Georgian-British company International Oil Consortium on production sharing for the XIM and XIN license blocks in the east of the country, the Georgian Energy Ministry said in a press release.
The consortium obtained the rights to explore for and produce oil and gas at the XIM and XIN blocks, which have an overall area of 642.3 square meters, at international tender in June 2012. “In the next four years the consortium will carry out geophysical studies in each block, including 2D and 3D seismic measuring and invest $25 million in this work,” the release said.
The Energy Ministry told Interfax that the consortium has already completed preparations and mobilized the relevant technology. “Investment in 2013 is set at $7 million,” a ministry official said.
International Oil Consortium was founded by Georgia’s Norio Oil Company and Virgin Islands-based Georgia Oil and Gas Limited, Georgia Oil and Gas Trialeti Limited and Georgia Oil and Gas Norio Limited.
Georgia Oil and Gas Limited has from 2011 been operating at three license blocks in Georgia and together with Norio Oil Company owns a general license for the XIA block (691 square kilometres) in Eastern Georgia.
