Romanian OMV Petrom SA has decided to leave Georgia, Report informs referring to the company.
“The decision to leave the country has been made,” the company said in its quarterly report regarding offshore exploration work in Block II, located on the Black Sea shelf of Georgia.
In March 2021, an agreement was signed providing for the extraction, collection, processing and reinterpretation of geological and geophysical data on the continental shelf of the Black Sea for 25 years. The license agreement with the company covered the exploration of an area of 5,300 square kilometers.
According to Georgian Ministry of Economy estimates, the company planned to allocate $30 million for exploration and production of natural gas on the Black Sea shelf in Georgia.