Indusmin signs agreement for concession in eastern Georgia

Dec 11, 2000 01:00 AM

Houston-based Indusmin said that it had signed a production-sharing agreement (PSA) for an oil- and gas-bearing concession in eastern Georgia.
The PSA covers an area known as Block VI-B that stretches over more than 1,000 sq km.
The property has not yet been subjected to a comprehensive testing program but is located in an area known to hold oil and gas. Moreover, measurable methane flows and oil and gas shows were noted in a small-scale drilling program carried out in the section of the concession known as the north-eastern Imereti rising.
Indusmin said that under the PSA it would collect 80 % of all proceeds from production until its costs were recovered. After that point, the company will collect 30 % of net total revenues after operating costs.

Indusmin further stated that it expected the Georgian project to prove a profitable endeavour. Block VI-B is located near several concessions that are being developed by major Western companies such as Anadarko, Conoco and Ramco, the pressrelease said. It also noted that the property was not far from the projected route of the Baku-Tbilisi-Ceyhan pipeline, meaning that any oil extracted from Block VI-B could be transported through this conduit to the Mediterranean Sea.
Indusmin has also expressed interest in hydrocarbon development projects in Ukraine.

Source: NewsBase
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