Georgia expects oil output to rise on strength of new survey work

Jul 23, 1999 02:00 AM

Georgia's First Deputy Energy Minister Teimuraz Tsabadze said recently that only 30,000 metric tons of crude oil had been produced in the first half of 1999.
This figure was lower than expected, he said, without giving the target figure. Nevertheless, Tbilisi expects production rates to rise on the strength of new survey work, he said.
Frontera Eastern Georgia, a joint venture set up by Frontera Resources of the United States and Georgia's state oil company Saknavtobi, is due to begin a seismic survey of its concession in eastern Georgia soon, Tsabadze said. The company produced 5,500 metric tons of crude from its old wells in eastern Georgia last year, but production will rise, Tsabadze said, once the venture locates new oil deposits.
Georgia's onshore oil reserves may amount to 600 million metric tons, he added.
Frontera is one of five foreign companies that have signed deals to explore and develop Georgia's onshore oil fields. The three ventures that have started production -- Frontera Eastern Georgia plus the ventures set up by Saknavtobi with JKX of Great Britain and Switzerland's National Petroleum Ltd -- extracted some 124,000 metric tons of oil last year.
Saknavtobi has also signed a deal with Ramco for the Ahmeta field. The British company is currently conducting a survey of the onshore concession.

Source: NewsBase
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