A new international investor, US-based ‘Aspect Georgia LLC,’ is set to begin operations in Georgia’s oil and gas exploration and production sector, the State Oil and Gas Agency says.
The agency states that the company plans to invest $70 million in exploration and production activities.
‘Aspect Georgia LLC’ has joined a group of investors operating in eastern Georgia’s XIQ license area under an existing agreement.
The agency notes that the company will acquire a share in a joint project involving ‘Georgia Oil and Gas Limited,’ ‘Georgian Oil and Gas Corporation,’ and ‘GOG SLADS Limited.’ The Production Sharing Agreement for the XIQ license area was signed on December 23, 2021, following an international tender.
An amendment to the agreement has been signed by the State Oil and Gas Agency under the Ministry of Economy and Sustainable Development, along with the existing contractor companies and the new investor.
The signing ceremony was attended by the Deputy Minister of Economy and Sustainable Development, Inga Pkhaladze.
‘Aspect Georgia LLC’ is registered in the US state of Colorado and is affiliated with ‘Aspect Holding LLC,’ an American oil and gas exploration group with operations in the United States, Central Europe, Latin America, and the Middle East.
