I would say that we could not have hoped on a stronger comment from ''SN'', especially ''energy security for Georgia,''. I just cannot see that he would make a comment like that, unless he was a 100% certain of there being around 42 billion cubic metres of gas.
So on the above & obviously the oil. Frr will get there & we now must be properly closing in on the start of some very positive news flow.
"This is a historic event,â€ said CEO Steve Nicandros of American company Frontera, who are behind the project.
"We have been working in Georgia since 1997 and mainly carry out research in the fields of oil and gas. We have found this 42 billion cubic metre large gas deposit, which will be a prerequisite for energy security for Georgia,â€ he said.
The project started in 2011 but gas only started flowing through the pipe today. The launch event was attended by US Ambassador to Georgia Richard Norland and Frontera company representatives.
At the ceremony Ambassador Norland said the day was a very important day in terms of US-Georgia cooperation in economics. "Georgia is well known as an energy transit country but it also has a potential to become a gas producer, in what will benefit the energy security of the country and allow it to export natural gas. This is a real step forward in the energy sector,â€ Ambassador Norland stated.
Been looking into the background of Zaza Mamulaishvili, Executive Vice President, Frontera Resources Corporation and General Director, Frontera Eastern Georgia Limited.. He's got a few irons in the fire has this fella..One interesting point I noticed was on 16 Dec 2011 he appeared in court against JSC national oil company (SakNavtobi) the Georgian state owned oil company..On 1st Oct' 1999 JSC seized 3,700 tonnes of Frontera's crude oil to pay off their creditors (JSC "Bank of Georgia")...On 30th September 2002 they seized another 2,300 tonnes of Frontera's crude oil, this time to pay off 'Tbiluniversalbank' (Georgia).. JSC explained this "seizure of crude" as immaterial, As they owned (as the state oil company) 50% of Frontera eastern Georgia..It certainly appears that previous Georgian governments were a corrupt lot.. 6,000 tonnes of near Brent quality crude is around 45,000 barrels.. Would this explain over the last few years Frontera's "dragging of heels" over oil extraction.. No point in producing lots of oil back then if the state owned oil company can seize it..certainly food for thought.. ok here;s the link..when open look to the right hand side of the page,hit the "documentation" tab on Friday, December 16, 2011.. http://www.companyinfo.ge/ka/people/483877/
Representatives of the American oil company Frontera Resources stated that during the development of their field CARM Heavy in eastern Georgia were discovered natural gas reserves of about 40 billion cubic meters
Group President Steve Nikandros said that this field has a capacity of 42 billion cubic meters. This will further ensure the energy security of Georgia. In this project invested 400 million dollars. As the executive director of Frontera eastern Georgia Giorgi Zambakhidze daily deposit CARM Heavy will supply the main pipeline of the country about 75 thousand cubic meters of gas. Annual gas consumption is estimated at Georgia 2 billion cubic meters. Approximately half of this volume provide supplies from neighboring Azerbaijan in the framework of the "Shah-Deniz" as low as 55 to 64 dollars per thousand cubic meters. Georgia also receives 10% of the total volume of Russian gas, which is supplied through its territory to Armenia. Azerbaijani gas is supplied to Georgia under the two contracts. According to the first, 500 million cubic meters of gas comes at a price of 189 dollars per thousand cubic meters. This gas is used to meet the needs of the population. Under the second contract, enters commercial gas volume of 400 million cubic meters at a price of 240 dollars per thousand cubic meters. American Frontera Resources operates in Georgia since 1997. The company has received twenty-five exploration license on the license block area of ​​5.5 million square kilometers. While the capacity of oil fields in the area was estimated at 600 million tons of oil. Yandex
Hi everyone, I know this has nothing to do with FRR. Did anyone out there have any shares in NGP. This company disappeared off the radar a couple of years ago. Out of the blue I got a Form of Proxy from them and a bit of research shows they're still operating. Any info would be great. GLA
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