Energy expert Giorgi Chaghiashvili says Georgia lacks state interest and involvement in exploring its oil and gas reserves, despite evidence from Soviet-era studies suggesting the country holds significant untapped resources.
“For over 20 years, no wells have been drilled to confirm deeper oil and gas deposits recorded in older geological reports,” Chaghiashvili told Business Course. “There are specialists, but without a proper state policy and support, exploration remains stagnant.”
He recalled that oil extraction in Georgia dates back to the 1800s and peaked during the Soviet period, reaching 3.3 million tons in 1983. However, poor planning and disregard for geological conditions led to long-term damage and a sharp production decline.
Today, Georgia’s official energy documents often claim the country has no oil or gas, reinforcing import dependence. Chaghiashvili argues this narrative is harmful and misleading.
“With the right approach, involving experts and state backing, exploration could significantly benefit the economy,” he said.
According to the Oil and Gas Agency, 12 companies currently hold licenses to explore and extract oil and gas in Georgia, with operations ongoing in 7 blocks. In 2024, Georgia produced 37,000 tons of oil and 16 million m³ of gas.
