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30tcf and my shares are worth foooook all. Absolutely nothing.
EkXoc - No, FRR now has 30 TCF classed as reserves, which I would assume is through independent verification by BP. Whereas Russia has 33 TCM not 33 TCF. Therefore, Russia has 1165 TCF of gas and FRR has 0.85 TCM, which equates to 38.8 times as much gas in Russia.
https://www.convertunits.com/from/billion+cubic+metre/to/trillion+cubic+feet
Thanks for clarifying that Madp so 9tcf (one field ie block12 )
Compared to Azers https://en.wikipedia.org/wiki/Energy_in_Azerbaijan
1.37tcf..
and Russias 33tcf (multiple fields)..
interesting how there is so much debate about a particular reserve though ie
https://en.wikipedia.org/wiki/List_of_countries_by_natural_gas_proven_reserves
There is some disagreement on which country has the largest proven gas reserves. Sources that consider that Russia has by far the largest proven reserves include the US CIA (47.6 trillion cubic meters),[3] the US Energy Information Administration (49 tcm),[4] and OPEC (48.81 tcm).[5] However, BP credits Russia with only 32.9 tcm,[6] which would place it in second place, slightly behind Iran (33.1 to 33.8 tcm, depending on the source).
pophead - IMHO the licence extension past 2027 is the GG using this as leverage towards either the Georgia Support Act, NATO membership, or both.
EkXoc - IMHO the 202 TCF of gas (internal estimate by FRR) hasn't been disputed, as it's 'gas in place' and not reserves.
'The total estimated amount of oil in an oil reservoir, including both producible and non-producible oil, is called oil in place' (copied from the link below). The definitions are the same for gas and oil as to what constitutes in place, reserves, resources and recoverable.
The 30 TCF in the Ukraine statement was for reserves.
'Oil reserves denote the amount of crude oil that can be technically recovered at a cost that is financially feasible at the present price of oil' (copied from the link below).
The 12.9 TCF (OGIP) of which 9 TCF is recoverable quoted on FRR's website is the amount that was in the CPR and is classed as resources.
'Hence reserves will change with the price, unlike oil resources, which include all oil that can be technically recovered at any price' (copied from the link below).
https://en.wikipedia.org/wiki/Oil_reserves
This whole tread is about prospecting in the vacuum of facts.
Your point that BP is already in Georgia is a big way (albiet as a transitor rtaher than producer), the fact that BP is heavily involved in production over the border in Azer, the fact that BP has been mentioned by FRR in RNS's means if there is ANY production in Georgia BP will be invovled but as in Azer it looks likely it will be a complex collaboration of international companies. The fact that whilst FRRs claim to the monster 202tcf has been disputed the worlds largest gas reserves are right there in Russia Azer and the caspian sea. Its all paper work now and we know that is longthy and secretive. Like MadP I am watching the US Gerogia Bill like a hawk 2% > 46% lets se what happens in the next coupel of weeks.
"My point is Georgia is not currently producer but is about to be and in s big way"
Any factual evidence? greatly received...
BP is present in managing transit pipelines not as a prioducer. My point is Georgia is not currently producer but is about to be and in s big way, that transition needs to be managed so as not to destabilise the region
BP have been present in Georgia for a long time and have already invested hundreds of millions of dollars.
I can't accurately compare Azers resrves with Georgia proposed reserves, however we they equal (or even Gerogia are greater) then consider this Azer already had Majors working on its soil and had a very long hsiotroy of oil exploitation and even then 11 companies from 6/7 countries were involved
"Following ratification of the PSA the Azerbaijan International Operating Company (AIOC) was formed to implement the agreement on behalf of the foreign shareholders working in partnership with SOCAR and the government of Azerbaijan. Originally AIOC comprised 11 major foreign oil companies (BP, Amoco, Unocal, LUKoil, Statoil, Exxon, TPAO, Pennzoil, McDermott; Ramco; Delta Nimir) representing six countries: UK, USA, Russia, Norway, Turkey and Saudi Arabia."
Little old Georgia has no such history no established SM interest.. I suspect its gunna take a little time to iron it all out.. tbh if the FRR resrves are accurate then BP will not be able to handle this alone surely.. maybe the reserves are being split over a larger playing field?
Well it mightbe itneresting to look at how it all happened next door in Azer not so long ago..
https://en.wikipedia.org/wiki/Petroleum_industry_in_Azerbaijan
This area is obviously hugely signifricant (though I think we on this board have accepted thismuch despite 'fake news' in the past stating the contrary.. proving external interference to prevent development..
"The following paragraph from the accounts of the famous traveler Marco Polo "il Milione" is believed to be a reference to Baku oil: 'Near the Georgian border there is a spring from which gushes a stream of oil, in such abundance that a hundred ships may load there at once. This oil is not good to eat; but it is good for burning and as a salve for men and camels affected with itch or scab. Men come from a long distance to fetch this oil, and in all the neighborhood no other oil is burnt but this."[3]"
The below references are intersting in that you get an idea of timescales
"On September 9, 2011, French energy giant Total S.A. which has been operating in Azerbaijan since 1996, announced a major gas discovery in Absheron gas field offshore 100 km southeast of capital Baku.[12] The field is estimated to have around 300 billion m³ of gas[13] subsequently boosting Azerbaijan's gas reserves from 2.2 to 2.5 trillion m³.[14]
Azerbaijani Government extended “Contract of Century” until 2050 with BP-led consortium (Azerbaijan International Operating Company) based on the amended contract for extension of Production Sharing Agreement (PSA) on development of Azeri–Chirag–Gunashli block of oil and gas fields by 2050. The new contract was signed on 14 September 2017[15][16][17] after a letter of intent for future development of the field was signed on 23 December 2016.[18] "
~
The below highlights the potential threat to the US and thus thier interest..
"In 1898, the Russian oil industry produced more than the U.S. oil production level. At that time, approximately 8 million tons were being produced (160,000 barrels (25,000 m3) of oil per day). By 1901, Baku produced more than half of the world's oil (11 million tons or 212,000 barrels (33,700 m3) of oil per day), and 55% of all Russian oil."
All sounds very familiar...
MadP are you suggesting that all these political events are part of the facilitation of a SuperMajor energy deal or are you saying that the the deal is happening at this time because of fortuatous political events?????? If you are saying the former then I assume you are of the belief that Frontera and said SuperMajor are at the very root of a negociation to bring Georgia into Nato and that the deal is important enough to the USA to grant the Georgians wishes in this respect. Can you give any evidence, even slender links and even historical that Frontera and its asset has this kind of Continent changing clout. Its big, its huge, its massive, she said in fact its hard to believe.
Madp
Can you post the extract you mention in 12.06 post.
Thanks
Georgia needs to find peace to evolve, former Swiss ambassador says
https://www.georgianjournal.ge/politics/36087-georgia-needs-to-find-peace-to-evolve-former-swiss-ambassador-says.html
German President arrives in Tbilisi, welcomes dialogue between Georgian, Russian FMs
https://www.georgianjournal.ge/politics/36091-german-president-arrives-in-tbilisi-welcomes-dialogue-between-georgian-russian-fms.html
Anders Fogh Rasmussen offers Georgia a way to join NATO
https://www.georgianjournal.ge/politics/36070-anders-fogh-rasmussen-offers-georgia-a-way-to-join-nato.html
Surely this can't be linked?, agreed
Presidency of the Council of Europe; the possibility of the Georgia Support Act; talk about Georgia and NATO; and a little O + G company that could be about to sign a deal with the super majors. Surely this can't be linked?
Secretary General of the Council of Europe: The main objective of my visit is to prepare Georgia for the Presidency of Council of Europe
https://www.interpressnews.ge/en/article/104503-secretary-general-of-the-council-of-europe-the-main-objective-of-my-visit-is-to-prepare-georgia-for-the-presidency-of-council-of-europe/