Georgia exploration and production company Block Energy has signed a memorandum of understanding (MoU) with the country’s Ministry of Economy and Sustainable Development covering government support for project development.
Block noted in his statement that under the MoU, the government would extend its support and both would come up with initiatives to help in the development of projects I, II, II and IV through data sharing, cooperation and facilitation of meetings with large national and regional companies. oil companies.
In particular, the MoU supports the concept of a long-term gas gathering agreement, which is an important part of the value proposition associated with Project III and the contingent resource of 1 TCF identified by the team underground of Block and supported by internal reports of contingent resources, the company. he said in his statement.
The MoU also covers other areas of cooperation such as geothermal, carbon capture and storage, specifically the South Dome project located within the XIB license and hydrogen projects in the Block license areas.
“This MoU reflects the strength of the government’s support for the development of Block assets, which will be aided by data sharing and other cooperative initiatives. In particular, the MoU supports the concept of a gas gathering agreement long-term, which is a significant part of the value proposition associated with Project III and the identified 1 TCF contingent resource,” said Paul Haywood, CEO of Block Energy.
The company’s assets in Georgia include West Rustavi (100 percent interest), Norio (100 percent) and Satshenisi (90 percent), as well as Block XI.B and Block IX.
To contact the author, please email andreson.n.paul@gmail.com
