OMV Petrom signs PSC to advance Black Sea exploration

OMV Petrom will establish an operating company in Georgia this year, proceed with geoscientific and environmental studies, and prepare for a large offshore 3D seismic campaign in 2022 to evaluate potential of Block II in the Black Sea, offshore Georgia.

The company signed a production sharing contract for the block won in the June 2020 international tender organized by the Ministry of Economy and Sustainable Development of Georgia that provides for exploration, development, and production of hydrocarbon resources in the 5,282-sq km area in water depths of 400-2,000 m.