Economy
Posted: 2 weeks ago

Austrian OMV Starts Oil and Gas Mining Works in Georgia

Austrian Oil Company OMW has decided to start oil and gas reconnaissance-extraction works. The corresponding contract with the Company will be signed soon. The Austrian Company was authorized to enter the Georgian market after having won the international tender.

Georgia’s attractive business environment has raised the interest of the Austrian Company. We have a transparent and attractive business environment, and therefore, the world’s leading oil extraction giants show real interest in our country, Natia Turnava pointed out.

On June 22, 2020, the Oil and Gas Agency has conducted an open international tender for obtaining a general license for employing oil and gas resources in the second and third license blocks in the Black Sea. OMW Petrom S.A, a member of the OMW Austrian Oil Company, was announced as a winner for the second license block.

After completion of seismic-research works, the winner company will start drilling works. The mentioned Company has worked on discovering Domino well in the territorial waters of Romania. The reserve’s value made up 1.5 billion USD.

According to the 2019 Forbes indicators, OMV Group is Austria’s N 2 and Europe’s N79 giant Company, N10 among Europe’s major Oil and Gas Companies. The company assets in 2019 amounted to 44.1 billion EUR.