Georgia Oil and Gas

What Georgia Oil and Gas does

Georgia Oil and Gas Limited (GOG) is a privately held, British Virgin Islands-incorporated upstream oil and gas exploration and development company that operates a representative branch in Tbilisi, Georgia. Founded in 2008 by Niko Tevzadze, Vakhtang Sakvarelidze, and Mariam Bedoshvili, the company holds working interests in three Production Sharing Contracts — XIQ (North Samgori), XIH, and XIL/XIB — covering approximately 2,015 km² in the productive Kura Basin with license validity until 2047 plus a possible 5-year extension. GOG's portfolio consists of 22 strategic exploration plays, six of which are designated first-priority projects based on resource size, geological chance of success, NPV, and environmental condition; the flagship Martkopi Terrace prospect within XIQ is independently estimated at 301.7 MMboe mean unrisked recoverable prospective resources (267 MMbbl in Middle Eocene fractured porous tuffs plus 22 MMbbl Upper Eocene upside) at 4,800-5,500 m depth.

The company's core technology is conventional subsurface geoscience applied to fractured volcanic tuff and clastic reservoirs, including 2D and 3D seismic acquisition (232.5 km acquired on North Samgori in 2022 via Geofizyka Torun S.A.), seismic processing through Schlumberger OMEGA via GK Processing, and integrated interpretation supported by an ecosystem of technical partners including GEPlan, EPI Group, Getech, GeoPartner, and Leoben University. Independent validation by DeGolyer & MacNaughton (2023-24) confirmed 294 MMBOE risked resources, 1,100 MMBOE unrisked, and combined NPV exceeding USD 900 million across North Samgori and South Samgori.

GOG generates revenue through three streams: farmout and partnership agreements (the 2021 GOGC farm-in for USD 3.5M and the 2026 Aspect Energy Group farmout for North Samgori XIQ), oilfield equipment rental services from its Vaziani depot near Tbilisi, and future hydrocarbon production. The go-to-market model is enterprise field sales targeting international E&P companies, AIM-listed juniors, institutional investors, and national oil companies, reached through direct relationship building, conference participation (PROSPEX, AAPG, CEEC), and technical publications. GOGC holds a 22% participation interest following the 2021 farmout, and Block Energy collaborates on adjacent West Rustavi and West Nakarala acreage.

Name

Georgia Oil and Gas

Legal name

Georgia Oil and Gas Limited

Website

https://georgiaoilandgas.ge

Company type

Private

Founded year

2008

Operating status

Operating

Headcount range

11–50 employees

Short description

Georgia Oil and Gas Limited is a privately held BVI-incorporated upstream oil and gas explorer holding working interests in three Production Sharing Contracts covering 2,015 km² in Georgia's Kura Basin. It targets international E&P partners and farm-in investors to develop 22 strategic exploration plays, with the Martkopi Terrace prospect as its priority asset.

Ownership category

akta.pro rank

Product category

Upstream Oil and Gas Exploration

NAICS

Oil and Gas Extraction (211), Natural Gas Extraction (211130), Crude Petroleum Extraction (211120), Support Activities for Oil and Gas Operations (213112), Geophysical Surveying and Mapping Services (541360)

SIC

Oil & Gas Field Exploration Services (1382), Oil & Gas Field Services, Nec (1389), Oil & Gas Field Machinery & Equipment (3533)

akta.pro primary industry

Conventional Natural Gas Exploration & Production (Dry Gas) (EUAAAAAA)

akta.pro secondary industry

Sour Gas / High-CO₂ Gas E&P (Acid Gas Fields) (EUAAAAAE)

Keywords

• Upstream oil exploration
• Fractured reservoir exploration
• Production sharing contracts
• Seismic acquisition services
• Oilfield equipment rental

Headquarters

HQ city

Tbilisi

HQ country

Georgia

HQ region

Asia

Offices3 records

Markets served

GTM type

B2B

Offering type

Services

Cost components

Operations, Personnel, Infrastructure, Technology or R&D, Supply Chain, Marketing or Sales

Revenue model

1. Farmout and Partnership Agreements: GOG generates revenue by farming out interests in license blocks to international partners who fund exploration and development activities. In exchange, GOG retains working interest while the partner bears exploration costs. Example: Aspect Energy Group farmout for seismic and drilling activities.
2. Oilfield Equipment Rental Services: Full-service rental of oilfield equipment within Georgia, including maintenance and operations crews. Equipment is based at Vaziani warehouse near Tbilisi and available for short-term or long-term contracts with full service and maintenance support.
3. Hydrocarbon Production: Revenue from future oil and gas production upon successful development of discoveries within the license blocks. The portfolio is located in the productive Kura Basin served by existing infrastructure including three pipelines.

Go-to-market motion2 records

Distribution channels2 records

Marketing channels4 records

Core offering

Georgia Oil and Gas Limited explores and develops Georgia's hydrocarbon resources through working interests in three Production Sharing Contracts (XIQ, XIH, XIL/XIB) covering approximately 2,015 km² in the Kura Basin, with licenses valid until 2047. Core activities include 2D and 3D seismic acquisition, fractured volcanic tuff reservoir exploration, and farm-out partnership development across 22 strategic plays including the Martkopi Terrace prospect. The company also rents oilfield equipment with full maintenance support from its Vaziani depot and conducts geothermal energy and CO₂ utilization studies.

Product overview

Georgia Oil and Gas Limited (GOG) is an independent oil and gas exploration and development company offering hydrocarbon exploration services in Georgia. The company operates across three Production Sharing Contracts (XIQ North Samgori, XIH South Samgori, and XIL/XIB license areas) covering approximately 2,015 km² in the Kura Basin. Core offerings include exploration drilling services, seismic acquisition programs, and resource evaluation, with a portfolio of six priority exploration prospects including Martkopi Terrace, Martkopi Deep, Norio Intermediate, South Samgori-Nakarala, South Ninotsminda-Manavi, and Gardabani North. Additionally, the company provides oilfield equipment rental services with full maintenance support from its Vaziani depot, and has expanded into geothermal energy and CO2 utilization study services supporting Georgia's energy transition.

Differentiator

Problem solved

Functional benefit

Products and services

• Oil and Gas Exploration Services Upstream exploration and development services across three Production Sharing Contracts (XIQ, XIH, XIL/XIB) covering approximately 2,015 km² in the Kura Basin of Georgia, including seismic acquisition, drilling, workover operations and resource evaluation for international farm-out partners and investors.
• Oilfield Equipment Rental Full-service rental of oilfield equipment to oil and gas operators within Georgia, with equipment based at the Vaziani warehouse 20 km from Tbilisi. Includes spare parts, consumables, and experienced operations crews with short-term or long-term contracts and full maintenance support.
• Geothermal Energy Study Services Preliminary geothermal energy potential studies conducted by PanTerra Geoconsultants B.V. on GOG's Middle Eocene fields, indicating potential for geothermal heat production of 2-18 MW per doublet and 250-400 MW at full-field scale.
• CO2 Utilization Study Services CO2 utilization conceptual study performed by Oilfield Production Consultants Limited (OPC) examining the carbon capture and storage potential of the Patardzeuli (PAT) and Samgori South Dome (SSD) reservoirs within GOG's portfolio.

Quantifiable outcome

• NPV of more than USD 900 million as independently verified by DeGolyer & MacNaughton (2023-24)
• +3 more outcomes

Segments3 records

Ideal customer profiles3 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature3 records

Partnerships

Four partnerships are on record, tiered core and minor.

• Aspect Energy Group (Aspect Georgia)coreStrategic or Co-development Partner · 1 January 2026Farmout Agreement signed with Aspect Georgia, a U.S.-based subsidiary of Aspect Energy group, covering the North Samgori (XIQ) license area. The agreement introduces staged international investment for seismic and drilling activities, including high-impact deep exploration targets. Seismic acquisition expected to commence in 2026. The Program primarily targets the Martkopi Terrace prospect.
• Georgian Oil and Gas Corporation (GOGC)coreStrategic or Co-development Partner · 30 December 2021Farm-Out Agreements concluded with National Oil Company GOGC resulting from GOGC's decision to exercise the Option on acquisition of 22% Participation Interest of the Contractor in PSCs over XIM, XIN, XIK and XIQ License Blocks for a net consideration of USD 3.5 million. GOG undertakes obligation to carry out 140 km 2D seismic survey over the Contract Areas.
• Block EnergyminorStrategic or Co-development PartnerAIM-listed exploration and production company applying innovative technology to realise the full potential of previously discovered fields in Georgia. Block Energy is a production-focussed company with three licences close to Tbilisi. GOG collaborates on West Rustavi and West Nakarala license areas.
• DeGolyer & MacNaughton (D&M)coreTechnology or IntegrationGlobally recognized petroleum consultancy that conducted independent evaluation confirming significant oil and gas potential across North Samgori and South Samgori license areas. Study provides combined NPV of more than USD 900 million and estimates approximately 294 MMBOE risked resources.

Scale indicators6 records

Recent moves8 records

Expansion highlights5 records

Direct peers

• Block Energy: AIM-listed exploration and production company operating three licences in the Kura Basin near Tbilisi, applying innovative technology to redevelop previously discovered Georgian fields. Directly comparable to GOG by virtue of being a small-cap frontier E&P peer operating on adjacent Georgian acreage with similar farm-out and partner-financed business model.
• Tethys Petroleum: Independent E&P historically focused on Central Asia and the Caucasus region, with prior operational exposure to Georgia and senior leadership connections to GOG (former director Mariam Bedoshvili previously served as Central Asia Branch Coordination Director at Tethys). Comparable small-cap frontier independent E&P with a similar focus on underexplored basins.
• Norio Oil Company: Original shareholder company from which GOG acquired its first licences in April 2011, and the entity whose Norio-Satskhenisi oil field feeds some of GOG's exploration concepts. A closely related Georgian upstream private with overlapping Kura Basin acreage and shared geological concepts.
• JKX Oil & Gas: UK-listed independent E&P historically operating across Ukraine and Georgia, including the Georgian British Oil venture where GOG Chairman Niko Tevzadze previously served as General Director. A direct upstream peer with overlapping Georgian operational history and similar small-cap frontier profile.
• Aspect Energy Group: US-based privately held E&P group whose subsidiary Aspect Georgia signed the January 2026 North Samgori XIQ farm-out with GOG. Highly comparable small/mid-stage independent E&P focused on international frontier plays with staged investment and seismic-plus-drilling work programs.
• Frontera Resources: Historically Georgia-focused independent E&P that operated exploration and production assets in the same Kura Basin region. Highly comparable in terms of frontier basin operating model, fractured reservoir interpretation challenges, and farm-out funded work programs targeting Georgian onshore plays.

Emerging players

• Pantheon Resources: AIM and OTCQB-listed small-cap independent E&P focused on frontier unconventional plays on the Alaska North Slope. Comparable in profile as a capital-light, partner-supported, exploration-stage independent pursuing large-resource targets with multi-year de-risking programs funded by farm-outs and equity raises.
• Rockhopper Exploration: AIM-listed small-cap E&P with frontier exploration assets, having repositioned from the Falkland Islands to a Mediterranean/Ionian basin focus. Comparable as a small-cap independent E&P pursuing under-appraised plays in jurisdictions requiring staged work programs and partner capital.
• Tower Resources: AIM-listed small-cap E&P pursuing frontier-to-development assets in Africa and Latin America. Comparable in stage and scale as a sub-USD 100M market cap independent pursuing large-resource farm-out-funded opportunities and managing partner-financed work programs.

Regional players

• Georgian Oil and Gas Corporation (GOGC): National oil company of Georgia that holds a 22% participation interest in GOG's PSCs following the December 2021 farm-out. Highly relevant as both a strategic partner and the primary domestic counterparty governing licence access and fiscal terms, comparable in the Georgia-focused upstream segment but operating at national-policy rather than asset-development scale.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks6 records

Key highlights7 records

Customer concentration

• LinkedInlinkedin.com/company/goglimited

Revenue estimate

Valuation estimate

Number of profiles

Profiles11 records

Subsidiaries2 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Georgia Oil and Gas