Georgia has signed a production sharing agreement (PSA) with India’s Hindustan Silichem Private Limited to boost oil field development, the Ministry of Economy announced. The deal involves the deepening of seven active wells and drilling of two new exploration wells using modern technology.

The $50 million investment will span four years, with $4.15 million paid upfront into the state budget. Officials say the agreement strengthens Georgia–India ties and supports energy security and economic growth.

The agreement was signed by Georgian energy officials and Khitish Kumar Nayak, Director of Hindustan Silichem, at a ceremony attended by government representatives and the Indian ambassador to Georgia.