Projects

Assets blending production and exploration potential

BOC is implementing a fully-funded multi-well drilling programme targeting a rapid increase in oil production and appraisal of multiple gas discoveries across three fields near Georgia’s capital city, Tbilisi.

  • Drilling horizontal sidetracks across West Rustavi to scale up oil production and fund future capital programmes
  • Appraising the field’s existing gas discoveries and drill new gas wells
  • Expanding the field’s facilities to increase production capacity to 4,000-5,000 bbl/d
  • Analysing results of a 3D seismic survey to provide a critical understanding of West Rustavi’s subsurface
  • Securing additional licences in Georgia and the wider region

West Rustavi

  • 100% working interest in licence with company-making oil and gas potential
  • Proven oil field that has produced 41 Mbbl light sweet crude with remaining 0.9 MMbbls 2P gross reserves in the Middle Eocene
  • 38 MMBbls of 2C gross contingent resources in Middle, Upper and Lower Eocene (condensate)
  • 608 BCF 2C gross contingent resource target in the Eocene/Cretaceous – vertical wells tested at 1-1.5 MMscf/d
  • Legacy wells that have tested oil and gas from multiple geological horizons
  • Opportunities for new drilling informed by 3D seismic survey
  • Very low cost production and good fiscal terms: 25(+5) year term effective from 1 September 2018 with CPR to be updated once 3D seismic programme completed and interpreted
  • Industrial gas market less than 10km at Rustavi industrial complex
  • No taxes or discovery bonus applicable

Norio

  • 100% working interest in low cost production and development opportunity with established facilities and marketing process
  • A proven oil field that has so far produced 1.8 MMbbls of light sweet crude oil
  • Significant reserve/resource potential with 1.6 MMbbls of 2P oil reserves gross and 7.2 MMbbls gross (2C) contingent oil resources
  • Opportunities for low capex recompletions of existing wells and prospects for new horizontal wells
  • Well-maintained storage facilities onsite
  • Attractive PSC terms with 100% of operating costs recovered
  • Of remaining production Block retains 50% as cost oil and the residual profit oil is split 50:50 with the state during cost recovery phase
  • Terms are valid until 2026 with optional five-year renewal

Satskhenisi

  • 90% working interest in field with cumulative historic production of 500,000 bbl
  • Significant reserve/resource potential with approximately 4 Mbbls of 2P oil reserves gross, 27.8 MMbbls gross (2C) contingent oil resources, and 16.4 BCF gross (2C) contingent gas resources
  • Attractive PSC terms with 100% of operating costs recovered
  • Of remaining production Block retains 50% as cost oil and the residual profit oil is split 50:50 with the state during cost recovery phase
  • Terms are valid until 2026 with optional five-year renewal

Further Information

Full details on Block Energy’s licences are available on Block’s website.