India Plans to Begin Oil Extraction in Western Georgia

Hindustan Silicon Private Limited plans to invest around $50 million over the next four years in oil extraction projects in Western Georgia.

According to the Georgian Ministry of Economy and Sustainable Development, the relevant Production Sharing Agreement (PSA) was signed by Giorgi Tatishvili, head of the Georgian State Oil and Gas Agency; Ekaterine Sisauria, CEO of the Georgian Oil and Gas Corporation; and Hitesh Kumar Nayak, director of Hindustan Silicon Private Limited, The Caspian Post reports citing foreign media.

Following the signing, the company will pay $4.15 million to the state budget.

The project includes deepening and drilling seven production wells using modern technologies, as well as drilling two new exploration wells.

During the signing ceremony, Deputy Minister Inga Pkhakadze stated that this agreement is an important step in strengthening economic cooperation between Georgia and India. “This agreement will contribute to the development of Georgia’s energy resources, attract new investments, and introduce modern technologies in the oil industry,” she said.

She added that this initiative will enhance Georgia’s energy security and create new opportunities for economic growth and regional development.