Oil
JSC "Georgian Oil and Gas Corporation" (GOGC) acts with the status of the National Oil Company in the field of oil and gas exploration and production. The functions assigned by law include operational and commercial partnership of oil companies operating in Georgia, supervision of their operation planning and performance of works, acceptance and disposal of the state’s share of oil and gas, ownership of oil and gas wells and other infrastructure, their management upon instruction of the state etc. Apart from functions of the National Oil Company, GOGC acts as the operating company on some license areas, produces oil and gas, and carries out their primary treatment, storage and sale.
The current, scientific methods and technologies of exploration and production of oil and gas fields were introduced in Georgia and all over the world in the second half of the 19th century. Development of this sector in Georgia is associated with the National Oil Company "Georgian Oil" which started to operate in 1929 and currently, JSC "Georgian Oil and Gas Corporation" is its successor. Annual production of oil was sharply increased in the highly productive fields discovered in the suburbs of Tbilisi in 1970s and 1980s (Samgori-Patardzeuli-Ninotsminda, Teleti, Samgori South Dome) and exceeded 3 million tons per year in 1980-1983.
Presently, 15 oil fields and 1 gas condensate field are discovered and being processed on the aboveground territory of Georgia. In total, more than 28 million tons of oil and 3 billion cubic meters of gas have been produced from these fields.
The shelf and aboveground territory of Georgia is divided into License Areas (so-called Blocks).
Exploration and production works are carried out by investor companies selected through international tenders, on the basis of Production Sharing Contracts signed with the State. The works are performed by operating companies established in Georgia.
As of today, 24 Production Sharing Contracts are concluded between the Georgian State and investor companies and apart from GOGC, 7 oil companies are operating under these Contracts: "Norio Operating Company", "Block Operating Company", "Kura Basin Operating Company", "NVP Georgia", "West Gulf Petroleum Engineering", "Georgia Coalition Energy Limited", "OMV Petrom".
The current, scientific methods and technologies of exploration and production of oil and gas fields were introduced in Georgia and all over the world in the second half of the 19th century. Development of this sector in Georgia is associated with the National Oil Company "Georgian Oil" which started to operate in 1929 and currently, JSC "Georgian Oil and Gas Corporation" is its successor. Annual production of oil was sharply increased in the highly productive fields discovered in the suburbs of Tbilisi in 1970s and 1980s (Samgori-Patardzeuli-Ninotsminda, Teleti, Samgori South Dome) and exceeded 3 million tons per year in 1980-1983.
Presently, 15 oil fields and 1 gas condensate field are discovered and being processed on the aboveground territory of Georgia. In total, more than 28 million tons of oil and 3 billion cubic meters of gas have been produced from these fields.
The shelf and aboveground territory of Georgia is divided into License Areas (so-called Blocks).
Exploration and production works are carried out by investor companies selected through international tenders, on the basis of Production Sharing Contracts signed with the State. The works are performed by operating companies established in Georgia.
As of today, 24 Production Sharing Contracts are concluded between the Georgian State and investor companies and apart from GOGC, 7 oil companies are operating under these Contracts: "Norio Operating Company", "Block Operating Company", "Kura Basin Operating Company", "NVP Georgia", "West Gulf Petroleum Engineering", "Georgia Coalition Energy Limited", "OMV Petrom".