Europe / Caspian / CIS

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Summary | Profile

Country profile: Georgia

Location: Southwestern Asia, bordering the Black Sea, between Turkey and Russia
Climate: warm and pleasant; Mediterranean-like on Black Sea coast
Terrain: largely mountainous with Great Caucasus Mountains in the north and Lesser Caucasus Mountains in the south; Kolkhet'is Dablobi (Kolkhida Lowland) opens to the Black Sea in the west; Mtkvari River Basin in the east; good soils in river valley flood plains
Size: 69700 sq. km total (Land area: 69700 sq. km )
Population: 4,630,841 (July 2008 est.)
Languages: Georgian 71% (official), Russian 9%, Armenian 7%, Azeri 6%, other 7% note: Abkhaz is the official language in Abkhazia
Government: republic
Capital city: T'bilisi
Legal system: based on civil law system; accepts compulsory ICJ jurisdiction
Currency: lari (GEL)

Country profile

The Caucasus region sits between the Black Sea on the West and the Caspian Sea on the East, and comprises the newly independent states of Armenia, Azerbaijan, and Georgia. Since 2004, these three countries have been included in the EU’s Neighborhood Policy . 

As herein defined, the Caucasus Region consists of two highly dependent net energy importers surrounded by some of the world’s energy giants (i.e. Russia, Iran, and to a smaller but growing extent, Azerbaijan). Energy priorities of the Caucasus countries, therefore, are two-fold: to diversify their energy supplies; and to cash in on transit revenues as their neighbors develop export facilities which traverse their territory. Three of the new export pipelines will pass through Georgia, while none are scheduled to cross Armenia due to its unstable bilateral relationship with Azerbaijan.

The Soviet Union bequeathed a number of problems to the Caucasus countries, including artificially drawn national borders and centrally-planned economies that were heavily dependent on Russia. Even before Azerbaijan and Armenia declared independence, fighting broke out in 1988 between the then-Soviet republics over the disputed area of Nagorno-Karabakh , and separatist conflicts sparked in Georgia soon after independence. Some of the regional conflicts that flared in different parts of the Caucasus throughout the 1990's are now dormant, but few have been officially resolved.Robert Kocharian has been President of Armenia since March 1998 and was re-elected to another term in February 2003, with a run-off in March 2003.

Georgian President Mikhail Saakashvili was elected in January 2004 after the resignation of Eduard Shevardnadze in November 2003. Saakashvili also won a victory in Ajaria, one of three separatist regions in the country, when the leader resigned in May 2004. The central government still holds little power over the other pro-Russian regions of Abkhazia and South Ossetia, and Georgia has amassed 10,000 troops on the border of South Ossetia. Armenia and Georgia are relatively small producers and consumers of energy, however important oil and gas transit routes cross these countries.

Energy production and consumption

Oil Gas
Production: 1,979 bbl/day (2005 est.) 14 million cu m (2005 est.)
Consumption: 13,400 bbl/day (2005 est.) 1 billion cu m (2007 est.)
Exports: 2,400 bbl/day (2004 est.)  
Imports: 13,530 bbl/day (2004 est.) 1 billion cu m (2007 est.)
Reserves: 35 million bbl (1 January 2006 est.) 8 billion cu m (1 January 2006 est.)
Major fields:

Georgia - recent news

29 Jun 20
Georgia: OMV Petrom awarded oil and gas exploration block in the Black Sea, offshore Georgia
OMV Petrom has been selected as the winner of the open international tender held by the Ministry of Economy and Sustainable Development of Georgia for the Offshore Block II.
18 Jun 20
Georgia: Block Energy announces West Rustavi Early Production Facility update and appointment of EPI
Block Energy, the exploration and production company focused on Georgia, has issued an update on the progress of its West Rustavi Early Production Facility ('EPF'), the re-opening of Georgia's borders, the Company's operations and the engagement of EPI, a leading independent geoscience and geophysical consultancy.
07 Apr 20
Georgia: Block Energy announces operations update
Block Energy, the exploration and production company focused on Georgia, has announced an operations update including actions taken following the Covid-19 outbreak.
26 Mar 20
Georgia: Block Energy acquires two adjacent blocks from Schlumberger
Block Energy has entered into a sale and purchase agreement with Schlumberger to acquire producing Block XIB and exploration Block IX in Georgia. The Acquisition significantly increases Block's access to production, reserves and resources.
12 Mar 20
Georgia: EPI Group opens dataroom for companies interested in opportunities in Georgia
During APPEX 2020 in London, EPI Group together with Georgia Oil and Gas organised a Lunch & Learn to present one of the most exciting plays in onshore Europe. A data room at EPI Group’s office in Cobham will be open to all companies who wish to further view the available opportunities that Georgia has to offer starting on April 15th. The data room is free of charge.

Georgia - more news

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