Oil and gas reserves in Georgia
By Messenger Staff
Tuesday, April 17Within Georgian media, information regarding oil and gas reserves in Georgia continues to surface. If true, Georgia could accumulate several hundred billion USD, and this in turn could attract different types of investors into Georgia, further increasing Georgia's wealth and economy.
Some specialists believe Georgia may possess more than 2 billion tonnes of oil and 180 billion cubic meters of natural gas in reserves found mainly in territories of Eastern Georgia. Explorations for oil and gas in Georgia were conducted during Soviet Union times. From 1981-1983 there were distorted reports Georgia was producing more than 3 million tonnes of oil annually. Problems arising after the collapse of the Soviet Union decreased this figure considerably and similarly with reports regarding natural gas production. Georgia continues as an importer of oil and gas, but to become an exporter of these valuable commodities, a through exploration will need to be conducted in the Eastern territories of Georgia.