Georgia upstream summary Report

Country Report 26 February 2024

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Report summary

Georgia is currently a minor oil and gas producer. However, it is a vital transit route for Caspian hydrocarbons. Oil from Azerbaijan and Central Asia crosses the country, largely via the Baku-Tbilisi-Ceyhan (BTC) pipeline. Georgia also transits Azerbaijani gas and is a key part of the strategic Southern Gas Corridor to Europe. To date, most drilling in Georgia has focused on shallower reservoirs. There is higher-cost potential in deeper reservoirs and offshore (Black Sea).

Executive summary
Key facts
Location maps
Key companies
- Georgian Oil and Gas Corporation (GOGC, state-owned)
- Georgia Oil and Gas Limited (GOG, privately owned)
- IOCs
  - Offshore (Black Sea)
  - Onshore
Geology
- Introduction
- Kura-Kartli (South Caspian) basin
  - Overview
  - Stratigraphy
  - Tectonic elements
  - Upper Cretaceous-Paleocene
  - Lower Eocene
  - Middle Eocene
  - Upper Eocene
  - Maikop
  - Miocene
  - Shirak suite
  - Akchagylian play
- Black Sea basin (Rioni depression)
  - Overview
  - Stratigraphy
  - Tectonic elements
  - Upper Jurassic
  - Upper Cretaceous-Paleogene
  - Neogene
Exploration
- Licensing
  - Regulatory oversight
- Recent licensing rounds
  - Offshore - 2020 licensing round
  - Onshore - licensing rounds since 2018
- Drilling
  - Drilling activity
- Offshore (Black Sea)
  - Key current and future E&A activity
  - Key historical E&A activity
- Onshore
  - Key current and future E&A activity
  - Key historical E&A activity
Reserves and resources
- Overview
  - Liquids
  - Gas
- Reserves
  - Reserves by shore status
  - Reserves by basin
  - Reserves by report
Production
- Liquids
  - Historical production
  - Current and future production
- Gas
  - Historical production
  - Current and future production
Infrastructure
- Introduction
  - Oil
  - Gas
- Oil infrastructure
  - Baku-Tbilisi-Ceyhan (BTC) pipeline
  - Western Route Export Pipeline (WREP)
- Rail and sea transportation
  - Rail infrastructure
  - Ports and shipping
- Refineries
- Gas infrastructure
  - Midstream operator
  - Pipelines from Azerbaijan
  - Pipelines from Russia
  - Domestic grid
  - Underground gas storage (UGS)
Policy and regulation
- Key legislation
  - Oil and Gas Law (1999)
  - Law on Energy and Water Supply (2019)
  - Tax Code
- Regulatory body
  - State Agency of Oil and Gas (SAOG)
  - Georgian National Energy and Water Regulatory Commission (GNERC)
- State oil company
  - Georgian Oil and Gas Corporation (GOGC)
Fiscal terms
- Overview
  - Upstream
  - Midstream
- Current fiscal terms
  - Model PSC terms (for future licensing)
  - State equity participation
  - Fiscal stability
  - Royalty
  - Ring-fencing
  - Cost recovery
  - Profit sharing
  - Corporate income tax (CIT)
  - Decommissioning
  - Liquids and gas pricing
  - Sample cash flow