OMV Petrom says E&P license in Georgia pends on production share negotiations
Romanian oil and gas group OMV Petrom confirmed that it was selected as the winner of the open international tender held by Georgia's Ministry of Economy for the Offshore Block II.
Still, the final deal depends on the successful negotiation of a production sharing agreement.
"The block will be formally awarded if negotiation of a production sharing contract is successfully finalized," OMV Petrom said in a statement.
The group's upstream director Peter Zeilinger said the block would be part of the company's strategy to expand its upstream activities in the Black Sea region.
"This is another milestone, after signing a contract to enter the Han Asparuh exploration license offshore Bulgaria," Zeilinger said.
The Georgian Ministry of Economy announced the tender result on June 25.