The Oil and Gas Corporation recently reported that oil production in Georgia increased in 2024, while natural gas extraction slightly declined. The report noted that the country produced 36.8 thousand tons of oil, a 1,500-to increase, while the state’s share equaled 14,200 tons, sold through auctions.
Historically, oil production has fluctuated:
- 2009: Nearly 60,000 tons extracted.
- 2010-2013: Averaged 50,000 tons annually.
- Post-2013: Extraction declined relatively.
In 2024, gas production amounted to 15.6 million cubic meters, a minor decrease of 0.2 million cubic meters from the previous year. Consistent with the trends, the state’s share was 5 million cubic meters, and, through local sources, the country has received 4-5 million cubic meters.
The Ministry of Economy authorized 25 general and 8 activity licenses for oil and gas resource usage in 2024. Primary developments include:
- West Gulf Petroleum Engineering Company Ltd won the X license block (4,336 km²), covering Tianeti, Sagarejo, Akhmeta, Telavi, Kvareli, Sighnaghi, Gurjaani, and Lagodekhi.
- Hindustan Silichem Private Limited (HSPL), part of Astron Zircon Group, secured the VIIB license area (1,175 km²), including Khelvachauri, Kobuleti, Ozurgeti, Chokhatauri, and Lanchkhuti.
