Georgia's Prime Minister Calls Deal With Austrian OMV Proof Of Good Business Environment


Georgia's Prime Minister Calls Deal With Austrian OMV Proof of Good Business Environment

TBILISI (UrduPoint News / Sputnik - 11th March, 2021) The signing of a contract with OMV Petrom S.A., part of Austria's leading energy concern OMV, to start searching for oil in the Black Sea is a confirmation that Georgia has a good business environment, Georgian Prime Minister Irakli Garibashvili said on Thursday.

Earlier this week, OMV Petrom S.A. announced the signing of a production sharing contract in the exclusive economic zone of the Georgian Black Sea that will be in force for 25 years. Last June, the company won the international tender organized by Georgia's economy ministry for offshore acreage.

"As you know, we signed yesterday a contract that provides for the start of geological exploration in Georgia, in the Black Sea. I am glad to note once again this fact when such a large company as OMV Petrom expresses its full readiness to begin the first phase of work very soon. This proves once again that Georgia has a very good business environment," Garibashvili said at a government meeting.

Georgia is the only country in the Black Sea basin where the search for oil and gas on the continental shelf has not been conducted so far.