OMV Petrom was awarded the Block II in June 2020. Credit: Galen Crout on Unsplash.

OMV Petrom has signed the production sharing contract (PSC) with the Georgian Government for oil and gas exploration block, Block II in the Georgian Black Sea.

The oil and gas concession was awarded to the Romanian oil company last June during an international tender held by the Ministry of Economy and Sustainable Development of Georgia for offshore acreage.

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The PSC allows OMV to undertake the exploration, development and production of hydrocarbon resources in Block II.

OMV Petrom CEO Christina Verchere said: “By signing the PSC for the offshore exploration Block II in Georgia, we take an important step in the eastern part of the Black Sea, in line with our strategy of looking for opportunities in the Black Sea region.

“We believe that the Black Sea has a high potential for the upstream sector and with our operating experience of over 40 years in the Romanian offshore area we have a competitive advantage in evaluating the opportunities of this basin.”

Spread over an area of 5,282km², the offshore block is contained in water depth ranging between 400m and 2,000m.

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OMV Petrom said it will establish an operating company in Georgia and proceed with geoscientific and environmental studies this year.

In order to enable a detailed evaluation of the potential of Block II, the company plans to prepare for a large offshore 3D seismic campaign in 2022.

OMV Petrom has exploration, development and production operations in the Istria block in Romanian waters.

Additionally, it has exploration operations in partnership with ExxonMobil in Neptun Deep, located in deepwater areas of the Romanian part of the Black Sea.