Georgia to start oil exploration in Black Sea

Georgia will begin oil exploration on the Black Sea shelf in May 2022, Report informs, citing the Georgian Oil and Gas Corporation.

An Austrian company will carry out large-scale geological research. The total cost of the project is $30 million.

Georgia signed a production sharing agreement with OMV Petrom in April 2021. According to the document, the Austrian company has developed a 7-year action plan in Georgia.