The selection follows the launch of an open international tender by the Ministry of Economy and Sustainable Development of Georgia
OMV Petrom will undertake oil and gas exploration activities in Block II. (Credit: C Morrison from Pixabay)
OMV’s Romanian subsidiary OMV Petrom has been selected as the winning bidder for the oil and gas exploration block, Offshore Block II, in the Black Sea offshore Georgia.
The move follows the launch of an open international tender by the Ministry of Economy and Sustainable Development of Georgia for the Offshore Block II earlier this year.
OMV Petrom Upstream executive board member Peter Zeilinger said: “We continue our plans to expand our upstream activities in the Black Sea region. This is another milestone, after signing a contract to enter the Han Asparuh exploration license in offshore Bulgaria.
“It is a natural continuation of our more than 40 years of experience in the Romanian Black Sea waters.”
OMV Petrom to finalise production sharing contract
The block will be formally awarded to OMV Petrom subject to finalisation of a production sharing contract.
Upon signing of the contract, OMV Petrom will have the right to undertake oil and gas exploration activities in Block II, which covers a total area of 5,282km2 located within the economic zone of the Georgia.
OMV Petrom currently has exploration, development and production operations in the shallow waters (Istria block) as well as exploration activities in partnership with ExxonMobil in deep-water areas (Neptun Deep).
Last year, OMV Petrom has completed the decommissioning of the Gloria jack-up rig, which had been producing from the Sinoe field in the Black Sea for more than 40 years.
The Gloria offshore platform, which had reached the end of its economic lifetime limit, was transported to the Agigea harbour in Constanţa in southeastern Romania.