MINISTRY OF ECONOMY
AND SUSTAINABLE DEVELOPMENT
OF GEORGIA

On 18-19 September, a regional working meeting of the American Association of Petroleum Geologists (AAPG) was held in Batumi. Representatives of large oil companies participated in the meeting. State Agency of Oil and Gas and Georgian Oil and Gas Corporation were the partners of the event. 

Deputy Minister of Economy and Sustainable Development Ekaterine Mikabadze addressed the participants of the workshop. The Deputy Minister emphasized the stable economic performance of the country and the ongoing economic and structural reforms, as well as the liberal and predictable business environment, which caused great interest of the event participants. It was noted that oil and gas extraction companies prioritized investing in countries with stable economies, strong state institutions and medium and long-term business environments.

Information on the geological status of the potential oil and gas deposits in Georgia as well as ongoing exploration and extraction activities were also discussed at the workshop. It was noted that the territory of Georgia, especially its territorial waters in the Black Sea, is less studied in terms of geological reserves of hydrocarbons. Presentation presented by the Head of the Oil and Gas Agency, Giorgi Tatishvili, rose particular interest. It was noted that Georgia has already completed a tender on the study of numerous land blocks, and it is also scheduled to announce tender on exploring the Black Sea coast. 

Representatives of such large oil companies as ExxonMobil, Total, OMV and others introduced their visions regarding their current activities in the region and future projects.