Jindal Petroleum Georgia Limited Has Started Oil Extraction Form A Newly Drilled Well

18 April, 2013
David Tvalabeishvili, General Director of Georgian Oil and Gas Corporation and Kakhi Kaladze, Minister of Energy and Natural Resources today observed Sartichala area of Samgori Field where an Indian company, Jindal Petroleum Georgia Limited has started oil production from a newly drilled well.

The company carried out drilling operations on XIB license block from January 26, 2013 to March 8, 2013. While conducting testing operations on a 2450 m deep declined well, stable blow out of dry crude oil occurred releasing 24 cubic meters of oil per day. According to geological forecasts, volume of oil, available for extraction in this area, ranges between 2.4 million and 8.7 million tons.
The company carries out similar works within the XIB license block on Krtsanisi field as well where it has already drilled a new well at a depth of 2003 m and reached middle-eocene target zone. Currently the well is being tested. The company is also engaged in drilling the first exploratory well in Okami area, Design depth of the well – 3500 m, target horizon - a cretaceous deposits.

As the Energy Minister pointed out, there are many investment companies in Georgia holding oil exploration licenses. After exploring oil they become motivated to proceed drilling operations in the country. The minister also stressed that this year Georgia plans to attract approximately USD 84 mln investment in oil exploration operations.

David Tvalabeishvili, General Director of Georgian Oil And Gas Corporation said that according to preliminary data, production on the field is likely to increase significantly. In the next 2- 3 years the sector will attract up to USD 200 mln investment.

Jindal Petroleum Limited is an Indian company conducting oil and gas exploration and production works in Georgia on five license blocks - Vll a, lX, X, Xlll a and Xl b through the off-shore subsidiary Jindal Petroleum Georgia Limited since 2009.
Jindal Petroleum Georgia conducts exploration works on four license blocks within the framework of the Minimal Work Program stipulated by the Agreement and on block Xl b oil and associated gas production works are carried out as well.