Oil

OMV Petrom signs PSC in Georgian Black Sea

Oil&Gas

Georgia – OMV Petrom has signed the Production Sharing Contract (PSC) for offshore block II in the exclusive Georgian Black Sea economic region.

OMV Petrom received an international tender for offshore land hosted by the Georgia Ministry of Economy and Sustainable Development in June 2020.

Significant opportunity

By signing the PSC for Bloc II offshore exploration in Georgia, OMV is taking a significant move in the eastern part of the Black Sea, in line with its policy of finding opportunities in the Black Sea region. OMV assumes the Black Sea has a strong opportunity for the upstream market.

The PSC shall provide for the exploration, development and production of hydrocarbon resources in offshore Block II. It occupies a gross area of 5,282 square kilometers and the depth of the water ranges between 400 and 2,000 meters.

Operating studies

As an operator, OMV Petrom will set up an operating company in Georgia, carry out geoscientific and environmental studies in 2021 and plan for a major offshore 3D seismic campaign in2022, which will enable a thorough assessment of the capacity of this block.

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