Natural Resources

Oil Extraction in Georgia Decreased by 4%

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Photo: Reuters

38,000 tonnes of raw oil was extracted in Georgia in 2016, which is 4% less than in 2015, according to the latest report by the National Statistics Office of Georgia regarding the consumption of energy resources in 2016.

In 2016, 100 times more oil was transported through the Baku-Tbilisi-Ceyhan and Baku-Supsa pipelines than oil that was extracted in Georgia that year.

There are 16 known oil fields in Georgia and one natural gas field. The peak time when oil was extracted in Georgia was in 1980-1983, when 3,200,000 tonnes of oil was being extracted annually. In this period, Georgia utilized all known oil sources. 25,000,000 tonnes of raw oil was extracted overall from 1980 until the end of the Soviet regime.

The largest oil fields in Georgia are in Samgori-Patardzeuli-Ninotsminda, South Samgori, and Teleti.

There are five investor companies who are extracting oil from Georgian oil fields: Black Oil and Gas, Jindal Petroleum (Georgia) Limited, Frontera Resources Georgia, and VP Georgia. Seven additional companies conduct research works.

The reason for lowered indicator of oil extraction is the low pace of processing oil fields, which is also connected to the global decrease in oil prices.

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