French Company GEOSTOCK SAS will prepare the Feasibility Study for the Underground Gas Storage

The Georgian Oil and Gas Corporation and French company GEOSTOCK SAS signed a contract on June 5. Under the contract, the above company will prepare the Feasibility Study for the Underground Gas Storage. The company GEOSTOCK SAS was selected on the basis of the international tender. 

Preparation of the Feasibility Study for the Underground Gas Storage will be finalized in the early 2016. The contract provides for application of European standards and technical regulations in the gas storage design, providing international norms of safety and environmental protection.

Simultaneously, Georgian Oil and Gas Corporation is holding negotiations with commercial banks, international financial institutions and private companies for the purpose of study and optimization of the project funding conditions.

It is planned to finalize the construction of the Gas Storage on Samgori South Dome field by 2019. According to preliminary estimations, it will be possible to store 230-250 million cubic meters of natural gas in the gas storage which will fully ensure guaranteed, uninterruptible gas supply to the Georgian population and the energy sector during the periods of peak consumption and in critical situations – in case of hindering gas supply from outside the country. The gas storage will also balance the seasonal misbalance between gas supply and consumption, facilitate formation of a competitive market and meeting the requirements related to the energy safety of the country within the framework of the Association Agreement. 

The Georgian specialists will also participate in the preparation of the Feasibility Study for the Gas Storage.