Europe / Caspian / CIS

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)

Licensing:

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

26 Sep 23	Georgia: Block Energy provides update on WR-34Z well test results Block Energy, the exploration and production company focused on Georgia, has provided an update on the well test of WR-34Z. The well is the Company's third Project I well out of five planned wells developing the Krtsanisi anticline area of the West Rustavi-Krtsanisi field.
31 Aug 23	Georgia: Block Energy announces successful completion of drilling operations on well WR-34Z Block Energy, the development and production company focused on Georgia, has announced that well WR-34Z has reached total depth and drilling operations have ceased. Testing of the well will commence shortly following completion of the well. Well WR-34Z is the Company's third Project I well out of five planned wells developing the Krtsanisi anticline area of the West Rustavi-Krtsanisi field.
26 Jul 23	Georgia: Block Energy provides operations update Block Energy, the development and production company focused on Georgia, has spud its next Project I development well, WR-34Z. The well forms part of the development of the 3.01 MMbbl gross 3P reserves attributed by ERCE to a portion of the West Rustavi/Krtsanisi field.
05 Jul 23	Georgia: Block Energy provides Q2 operational update Block Energy, the development and production company focused on Georgia, has announced its operations update for the three months ended 30 June 2023.
14 May 23	Georgia: Block Energy provides update on loan facility to fund drilling Block Energy has increased its previously announced loan facility to provide liquidity to maintain momentum around scheduled crude liftings allowing the Company to accelerate the procurement of materials for the drilling of its next Project I wells in Georgia.