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Oil production slightly reduced in 2006


As Oil and Gas Resources Regulating Agency informs, 63,508 t of oil was extracted in 2006 in Georgia. The figure is 5.2% less then volume of 2005.

Average daily oil production made up 174 t last year and average monthly production – 5,292 t.

CanArgo has extracted 23,921 t of oil on Ninotsminda oil field (37.7% of total), which is 4.3% less than figures of 2005. The company produced 17.3 million cubic m of gas as well.

NPL – Ioris Veli produced 19,349 t of oil (30.5% of total). It does not operate in 2005.

14,813 t of oil (23.3% of total) accounts for state oil company Saknavtobi. The figure is 10.5% more than 2005.

Frontera produced 5,390 t of oil (8.5% of total volume); it is 10.2% less than 2005.

As the Agency informs, the contract signing process with companies, which won tender in June 2006, was finished. The license bonus sum made up $1.5 million in total.

The companies are presented by Kazakh Aksai (the 5th licensing block), registered in Gibraltar Straight Oil&Gas (the 6A and 6B licensing blocks) and reregistered on Virginia islands Global Oil Energy (the 7B and 8th blocks). These companies will start operation in month and a half, the Agency informs.

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