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Oil Production in Georgia Has Increased

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BM.GE
18.12.20 15:00
1379
In 2019, Georgia extracted 35.1 thousand tons of crude oil, 16% more than in 2018. This is known from the report of the Geostat Office. For comparison, the amount of oil extracted in Georgia is 40 times smaller than the country buys in refined or imported forms.
 
According to the Oil and Gas Corporation, the oil extraction activities in the country are carried out by 6 investors: Ninotsminda Oil Company; Schlumberger Rustaveli Company (Georgia) Limited; Frontera Resources Georgia; VPI Georgia; "Norio Khevi Georgia"; As well as the Oil and Gas Corporation itself," however, the corporation's website does not provide information on the amount of oil extracted by each miner.
 
According to the corporation, oil exploration works are carried out by 7 investor companies in the country, namely: "GOG Limited"; "Elenilto"; "Marexin;" "Georgia New Ventures Inc.;" "Norio Oil Company;" "West Gulf Petroleum Engineering Company" and "Coalition Energy Limited Company."
 
According to the Oil and Gas Corporation, the average annual oil production in Georgia over the last ten years is 43.6 thousand tons. Accordingly, despite a 16% increase in extraction in 2019, it was lower than the 10-year average.
 
As for refining, there are two refineries in Georgia, namely "Zd Oil Company" and "Globe" Ltd. The refineries are engaged in refining both local and imported oil. They refined a total of 37 thousand tons of oil in 2019.
 
Of these two companies, only ZD Oil Company has submitted its financial report for 2019, according to which the company generated GEL 45 million in revenue and GEL 3.4 million in net profit from the sale of refined oil.
 
As for the total local consumption, in 2019, Georgia consumed 544 thousand tons of gasoline, 534 thousand tons of diesel, 104 thousand tons of aviation oil, and 170 thousand bitumen. In total, the cost of importing petroleum products exceeded $ 800 million.