Arco oil deal with Georgia on Black Sea development postponed

Apr 16, 1998 02:00 AM

The signing of a $ 2 bn deal between Arco and Georgia on joint development of offshore Black Sea oil fields has been postponed, officials representing Arco in Georgia said.
Martin Miller, general manager of British JKX Oil and Gas, an official partner of Arco in Georgia, told the signing was put off as more detailed discussion of the document between Arco and Georgian State Oil company Saknavtobi was needed.
Probable investments in the project, to develop deep-water fields off the coast of the Georgian regions of Batumi and Poti, are put at $ 2 bn over 15 to 20 years.
The fields cover 9,000 sq km and according to Georgian officials are estimated to contain around 200 million tonnes of crude oil.
Miller said another reason for the postponement "could be the recent resignation of the Georgian Fuel and Energy Minister."
David Zubitashvili quit last week after allegations of corruption in his ministry.
"I think the contract will be signed not before a new minister is appointed," Miller said. This is not expected before the end of April.

Source: not available
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