Block Energy plc has signed an agreement for government to support the company’s operational development, particularly the concept of a long-term offtake agreement at West Rustavi in Georgia.
MEASURES
The memorandum of understanding with the Ministry of Economy and Sustainable Development covers initiatives during Projects I, II, III and IV.
Measures include data sharing, co-operation and facilitating meetings with national and regional large oil companies.
The MoU also covers geothermal, carbon capture and storage, specifically the south dome project located within licence XIB and hydrogen projects across Block Energy’s licence areas.
OFF-TAKE CONCEPT
Chief executive Paul Haywood added that the MoU reflected the strength of government support for the development of the company’s assets.
“In particular, the MoU supports the concept of a long-term gas offtake agreement, which is an important part of delivering value associated with Project III and the 1 TCF contingent resource identified.”