American company found 5 trillion cubic metres of gas in Georgia


5.3 trillion cubic metres of natural gas (which is approximately 15% of Gazprom’s reserves) were discovered in South Kakheti (Georgia). This was stated by the head of the American company Frontera Resources Steve Nikandros, reports Rambler News Service.

According to him, these volumes will be sold on the market for 10 years, and will change the rules of the game in natural gas supply. In the next five years the company intends to start exporting the fuel. It is expected that Turkey and Eastern Europe will be buying it.

In 2015 Frontera Resources estimated those reserves at 3.8 trillion cubic metres.

Last year the company signed an agreement with Ukrainian “Naftogaz” on the delivery of liquefied natural gas from its facilities in Georgia.

Frontera Resources is an American oil and gas company that engaged in exploration and production of hydrocarbons. It started its work in Georgia in April 2014.

Currently Georgia imports gas from Azerbaijan, and receives 10% from the transit of Russian gas to Armenia.

Source: Lenta.Ru