The State of Georgia represented by the LEPL State Agency of Oil and Gas of the Ministry of Energy of Georgia, acting in accordance with the Georgian Law on Oil and Gas and National Rules Regulating Oil and Gas Operations, on April 3, 2017 announced an Open International Tender to obtain the Blanket License for the Use of Oil and Gas Resources for V, VIA, VIB, VIC, VIIA, XIF, XIIIA and XIV license blocks.
Location of the license blocks is given in the map below.
All submitted bids were opened publicly on May 22, 2017 at the office of the State Agency of Oil and Gas (Georgia, Tbilisi, Sanapiro str. #2).
Based on the recommendation of the Tender Commission and decision of the Head of the Agency the following best bidders were named:
V license block – Consortium of West Gulf Petroleum Engineering Company Ltd and China New Star Energy Company (CNEC);
VIA license block – Consortium of LLC Georgia Coalition Energy Limited Company and China New Star Energy Company (CNEC);
VIB license block – Consortium of LLC Georgia Coalition Energy Limited Company and China New Star Energy Company (CNEC);
VIC license block – CBM Georgia Ltd
XIF license block – Georgia Oil and Gas Ltd; Georgia New Ventures Inc
The named companies are obliged to submit to the Agency documentation in accordance to Georgian legislation and bank guarantees that ensure payment of the Signature Bonus of each company. Following submission of the documentation and bank guarantees negotiations for Production Sharing Contracts shall begin.
RRS Price at posting:
0.6¢ Sentiment: Hold Disclosure: Not Held
