Norio Onshore Oil Field

Low cost production & development with established facilities and marketing process

  • Norio is 35km from the centre of Tbilisi, requiring low capex recompletions of existing wells and new horizontal wells, to significantly increase existing production
  • Storage facilities are on site, well maintained and in use, though currently utilizing a fraction of capacity
  • 1.9mbbl of light sweet crude oil sold/collected at the wellhead at a price of Brent minus transportation costs ~USD 8
    • Norio PSC until 2026 with optional 5 year renewal
    • 100% recovery of operating cost before any sharing with government
    • 100% cost recovery allowance, from 50% of oil
    • 50% of profit oil until costs recovered, 40% thereafter
    • No taxes or discovery bonus applicable
    • No minimum work programme to fulfil