US company Aspect Georgia LLC to begin oil and gas extraction in Georgia

US company to begin resource extraction in Georgia

US company Aspect Georgia LLC, an international investor in oil and gas, has launched operations in Georgia. The Georgian government says the move could bring major investment into the country’s energy sector.

The company plans to explore for and produce resources in eastern Georgia and will invest $70 million in the project, according to the Economy Ministry. Aspect Georgia LLC joins other investors already operating in the region.

The new investor will acquire a stake in a joint project currently run by three contractors: Georgia Oil and Gas Limited, Georgian Oil and Gas Corporation and GOG SLADS Limited. The three companies signed the original agreement on 23 December 2021 after an open international tender held by the State Oil and Gas Agency.

According to the Economy Ministry, all sides have signed an updated agreement, including the State Oil and Gas Agency, current contractors and the new investor. Deputy Economy Minister Inga Pkhaladze attended the signing ceremony.

The Hill: Oil company chief continues lobbying US Congress to drop sanctions on Georgia

The businessman argues that US companies operating in Georgia could become collateral damage of a political struggle.

Aspect Georgia LLC is registered in the US state of Colorado and is a subsidiary of Aspect Holding LLC. According to the ministry, the holding has extensive experience in oil and natural gas exploration and production, including in fields with complex geology, and has operations in the United States, Central Europe, Latin America and the Middle East.

US company to begin resource extraction in Georgia