Around 40,000 tons — or approximately 300,000 barrels — of crude oil are produced annually in Georgia. According to legislation, in contracts signed with private investors, the counterparty is the Georgian Oil and Gas Corporation, which receives revenue in kind, i.e., in crude oil.
The 2024 annual report of the State Oil and Gas Corporation reveals that in 2024 the corporation sold 131,157 barrels of crude oil. The total sales revenue amounted to 9,925,000 USD, which equals 75.7 USD per barrel.
For comparison, in 2023 the corporation sold only 88,866 barrels of oil.
Currently, 24 contracts have been signed between the Georgian state and investor companies in the oil sector. Within these agreements, in addition to the Georgian Oil and Gas Corporation, seven oil companies operate: Norio Operating Company; Block Operating Company; Kura Basin Operating Company; NVP Georgia; West Gulf Petroleum Engineering; Georgia Coalition Energy Ltd; OMV Petrom.
