Georgia’s crude oil sales saw significant growth in 2024, with the Georgian Oil and Gas Corporation selling 131,157 barrels, generating $9.93 million in revenue — an average price of $75.70 per barrel. This marks a sharp rise compared to 2023, when only 88,866 barrels were sold.

Georgia produces about 40,000 tons (roughly 300,000 barrels) of crude oil annually. Under current legislation, contracts with private investors designate the Georgian Oil and Gas Corporation as the main state counterparty, which receives its share of oil in kind.

As of now, 24 contracts are active in the oil sector, involving seven private companies alongside the state corporation. These include:

• Norio Operating Company

• Block Operating Company

• Kura Basin Operating Company

• NVP Georgia

• West Gulf Petroleum Engineering

• Georgia Coalition Energy Ltd

• OMV Petrom

This increase in crude oil sales reflects both improved production and stronger international market demand.