MINISTRY OF ECONOMY
AND SUSTAINABLE DEVELOPMENT
OF GEORGIA

Production Sharing Agreement was signed between the LEPL State Agency of Oil and Gas of Georgia, the Georgian Oil and Gas Corporation, and the Indian company Hindustan Silichine Private Limited. Within the framework of the Agreement, the company will carry out large-scale works for the development of existing oil fields. It is planned to deepen 7 operating wells and drill 2 new exploratory wells using modern, high-tech methods. Nino Enukidze, First Deputy Minister of Economy and Sustainable Development, Inga Pkhaladze, Deputy Minister and Curator of the Energy Sector, Subu Ramesh, Ambassador of India to Georgia, company representatives, and invited guests attended the signing ceremony held at the Ministry of Economy.

“This agreement represents yet another significant step in strengthening the economic partnership and friendships between Georgia and India. It will contribute to the development of Georgia’s energy resources, attract new investments and bring modern high technology solutions to our oil production sector” – Inga Pkhaladze stated.

Deputy Minister highlighted tha Agreement lays the foundation for a new stage that will strengthen Georgia’s energy security and create new opportunities for economic growth and regional development.

It is noteworthy that the project’s investment package amounts to approximately 50 million USD to be implemented over the next four years. Immediately upon signing the Agreement, the company will pay 4,15 million USD to the state budget.

Hindustan Silichine Private Limited is an Indian multi-business holding that operates in the fields of oil exploration and natural gas supply.

Giorgi Tatishvili, Head of the State Agency of Oil and Gas of Georgia, Ekaterine Sisauri, General Director of the Georgian Oil and Gas Corporation, and Khitish Kumar Nayak, Director of Hindustan Silichine Private Limited, signed the Production Sharing Agreement.