Economy
Posted: 3 weeks ago

Oil Exploration Works Begins on the Black Sea Shelf in May

Austrian company OMV Petrom plans to enter a ship on the Black Sea shelf in May 2022 and launch large-scale studies.

As the "Business Partner" was told in the State Oil and Gas Agency, the company is in the search phase at this stage, and after the introduction of the ship will start large-scale studies, including 3D and two-dimensional seismic surveys. The total cost of the search is $30 million.

The state signed an agreement with the company in April 2021 on the distribution of products. Under the agreement, OMV Petrom has a 7-year action plan in Georgia.

A study of oil and gas reserves on the Black Sea shelf was also conducted in the 2000s by the American company Anadarko, which estimated that 2.8 billion tons of oil could be extracted. For its part, OMV Petrom expects that the Black Sea has much larger reserves than Anadarko initially estimated, and that the field will not fall short of the reserves they have discovered in Romania.