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SUPPLY
Georgia produces modest amounts of oil and gas onshore
from marginal fields near the Black Sea coast.
New foreign joint ventures operating in the country have had negligible
effect on production rates since 1997 and no success has yet been
registered in the Black Sea. However remedial work on old fields in the
Kura basin could increase output in the short term so modest increases
in oil production is forecast. Associated gas production is negligible.
DEMAND
Oil consumption in Georgia, nearly all of which is
imported, has been declining since 2005 and is likely to remain flat.
Although the BTC pipeline from Azerbaijan passes across the country it
is not forecast to have a significant effect on oil consumption.
Gas consumption, also mostly imported, may increase rather faster as
additional gas becomes available from the parallel gas pipeline running
from Azerbaijan.
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