Spanish Company PERSOL to Study Hydrocarbons Potential in Georgia

Spanish Company PERSOL to Study Hydrocarbons Potential in Georgia

Spanish Company PERSOL to Study Hydrocarbons Potential in Georgia

The FINANCIAL -- On May 28, a Memorandum of Understanding was signed between the LEPL Oil and Gas State Agency of the Ministry of Economy and Sustainable Development of Georgia and the Spanish petrol and gas company REPSOL.

The Memorandum was signed by Giorgi Tatishvili, the Head of the Oil and Gas State Agency of Georgia, and by Mikel Erquiaga, Global Director of New Directions of REPSOL.

The Memorandum envisages the conduction of the study by the REPSOL in order to prepare the report on the hydrocarbons potential of the Mtkvari River to the State as well as the recommendations for its further development, according to Ministry of Economy and Sustainable Development of Georgia.

Within the framework of the Memorandum, Georgian specialists will be trained in the REPSOL database. The report will enable the State to determine the priority directions of the Mtkvari River.

REPSOL is a company founded in 1987. Today it is one of the largest oil and gas company with headquartered in the Spanish capital, Madrid. The company holds the 14th place in the world in the ranking of the oil companies.