Georgia produces approximately 40,000 tons of crude oil annually, equivalent to around 300,000 barrels. As stipulated by law, the Georgian Oil and Gas Corporation is a party to contracts established with private investors and receives income from these companies in kind, specifically in the form of crude oil.
According to the State Oil and Gas Corporation's 2024 report, the Corporation sold 131,157 barrels of crude oil in 2024. Total sales amounted to $9,925,000, or $75.7 per barrel.
In comparison, the Corporation sold only 88,866 barrels of oil in 2023.
There are 24 agreements signed between the Georgian state and oil investors, under which, in addition to the Georgia Oil and Gas Corporation, 7 oil companies operate: Norio Operating Company; Block Operating Company; Kura Basin Operating Company; NVP Georgia; West Gulf Petroleum Engineering; Georgia Coalition Energy Limited; OMV Petrom.
