Georgia possesses certain amount of oil and gas

Currently Georgia extracts around 50,000 tons of oil and up to 10 million cubic meters of natural gas annually. However, the country consumes more than one million tons of oil products and almost 2 billion cubic meters of natural gas. Therefore, the country is importing oil and gas. However, some Georgian geologists claim that Georgia possesses significant resources of oil and gas.

At the end of 1970 and the beginning of 1980, Georgia was producing three million tons of oil. Some experts believe that Georgia can produce more than 600 million tons of oil and more than 100 billion cubic meters of natural gas.

There are also suggestions about constructing an oil refinery in Georgia. In this case, Georgia will be buying crude oil and processing it, thus it will make it cheaper for the country to produce its own fuel.