In 2023, the Minister of Economy, Levan Davitashvili, stated during his speech in the Parliament’s “Minister’s Hour” that oil extraction in Georgia increased by 207% compared to the previous year, while gas extraction will increase by 111%. The minister also mentioned that the state’s share of the products is projected to increase by 150% by the end of this year. Active extraction of oil and gas, as well as research and preparatory work, are currently ongoing in several regions of Georgia, including Samgori-Patardzeuli, Teleti, Rustavi, Krtsanisi, Chaladidi, Norio-Martfevi, and Black Sea deposits.
“Also relevant are the issues of obtaining and using alternative raw materials of hydrocarbons. The field of special interest is the extraction and use of geothermal resources and natural hydrogen. It must be said that these directions are not properly studied in Georgia, and in this regard, the creation of an appropriate legislative base is an important step.
At this stage, a draft of amendments to the Law on Oil and Gas has been developed, according to which the holder of a general license for the use of oil and gas resources will be granted the right to use thermal energy associated with oil and gas. In case of interest, the right to extract natural hydrogen from abandoned liquidated oil and gas wells,” said Davitashvili.
As per the minister’s statement, there won’t be a need for additional licenses for the extraction and utilization of geothermal energy and renewable hydrogen related to hydrocarbons. This approach is aimed at promoting these specific energy sectors.