Block Energy, the Georgian oil and gas producer listed on the London Stock Exchange, reported USD 3.02 million in revenue for the first half of 2025, down from USD 3.3 million a year earlier.
The decline came despite an increase in crude oil sales. Between January and June 2025, the company sold 49.9 million barrels, up from 46.6 million barrels in the same period of 2024. However, the average realized price fell from USD 71 per barrel last year to USD 60.5 this year, reflecting lower global oil prices and driving the revenue drop.
Gas operations also contributed less to the balance sheet. Block Energy sold 82.2 million cubic feet (2.7 million cubic meters) of natural gas in the first half of 2025, compared with 93.5 million cubic feet a year earlier. Corresponding gas revenue dropped from USD 0.38 million to USD 0.36 million.
