Exxon Mobil has signed an agreement with the LEPL State Agency for Oil and Gas of the Ministry of Economy and Sustainable Development of Georgia.
Exxon Mobil is to build an integrated database of west Georgia’s hydrocarbon potential based on historic geological and geophysical data provided by the Government.
Block Energy Chief Executive Officer, Paul Haywood, praised the move saying: "The Georgian Government's Agreement with Exxon further validates the country's credentials as a secure and stable place to do business, and an emerging hydrocarbon jurisdiction in terms of naturally occurring oil and gas.”
This follows the entry of Schlumberger, another leading oil and gas services company, as interest grows among major oil and gas operators in Georgia’s hydrocarbon resources.
They recently acquired 3 Production Sharing Contracts for permits in Georgia, one of which 210 MMBbls of oil at rates of 70,000 bopd have been recovered historically.
Block Energy, the AIM listed oil and gas company raised £5m at its IPO in June in order to develop three assets in Georgia's Kura basin, with its CEO adding the company is “well placed to play part in realising the potential of Georgia’s energy industry”.
The company is already conducting workovers to increase production to 150 bopd by Q1 2019, with plans to drill horizontal wells and sidetracks to raise production to 2000 bopd.
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