“A new international investor, Aspect Georgia LLC, has entered Georgia’s oil and gas exploration and production sector, committing USD 70 million towards the planning and execution of exploration and extraction operations,” Georgia’s Ministry of Economy and Sustainable Development informed.

According to the ministry, the company has become part of a consortium of investors operating under a licence on the XIQ licence area in eastern Georgia.

Aspect Georgia LLC will acquire a share in the joint project held by three contractor companies, Georgia Oil and Gas Limited, JSC Georgian Oil and Gas Corporation, and GOG SLADS Limited. The Production Sharing Agreement covering the XIQ licence area between these contractors was concluded following an open international tender conducted by the State Agency for Oil and Gas on December 23, 2021.

The amendment to the agreement was signed by the State Agency for Oil and Gas, a legal entity of public law under Georgia’s Ministry of Economy and Sustainable Development, alongside the existing contractor companies Georgia Oil and Gas Limited (GOGL), JSC Georgian Oil and Gas Corporation, and GOG SLADS Limited, and the incoming investor, Aspect Georgia LLC. The signing ceremony was attended by Deputy Minister of Economy and Sustainable Development Inga Pkhaladze.

Aspect Georgia LLC is registered in the state of Colorado, USA, and is an affiliate of American oil and gas group Aspect Holding LLC. Aspect Holding LLC has many years of successful experience in oil and gas exploration and production, including operations on geologically complex deposits. The company operates across the United States, Central Europe, Latin America and the Middle East.