BAKU, Azerbaijan, October 21. The State Oil and Gas Agency of Georgia, the Georgian Oil and Gas Corporation, and India’s Hindustan Silicon Private Limited have signed a production sharing agreement to develop Georgia’s existing oil fields, Trend reports.
Under the agreement, the Indian company will carry out extensive works, including deepening and drilling seven production wells and drilling two new exploration wells using advanced technologies.
The signing ceremony took place at Georgia’s Ministry of Economy and Sustainable Development, attended by First Deputy Minister Nino Enukidze, Deputy Minister and Energy Sector Curator Inga Phaladze, India’s Ambassador to Georgia Subu Ramesh, company representatives, and invited guests.
“This agreement marks another important step toward strengthening the economic partnership and friendship between Georgia and India. It will help develop Georgia’s energy resources, attract new investments, and introduce advanced technologies in oil extraction,” said Deputy Minister Inga Phaladze.
She noted that the deal lays the foundation for a new phase that will enhance Georgia’s energy security and create new opportunities for economic and regional development.
The project’s investment package for the next four years is estimated at around $50 million. Following the signing, the company will transfer $4.15 million to the state budget.
Hindustan Silicon Private Limited is a diversified Indian holding company engaged in oil exploration and natural gas supply.
The agreement was signed by Giorgi Tatishvili, Head of the State Oil and Gas Agency of Georgia; Ekaterine Sisauri, CEO of the Georgian Oil and Gas Corporation; and Hitesh Kumar Nayak, Director of Hindustan Silicon Private Limited.