Big Companies Express Interest in Oil Industry
Albanian Daily News
Published June 9, 2018
Some big oil companies have expressed interest in investing in Albania in the field of oil exploration and research, Prime Minister Edi Rama said during his visit at the TAP's gas compressor station in Fier.
According to Rama, the government is considering the introduction of these big companies in Albania. New investment in the oil industry and development in the field of oil exploration are ahead of us, Rama said, adding that he is not talking about Shell but for other companies.
In February, the government signed an oil exploration agreement with Shell Upstream Albania, a wholly-owned subsidiary of Royal Dutch Shell, for block 4 in the southern Albanian mountain of Shpirag.
Shell will invest an estimated Dollar 42.5 million over seven years in the search for new oil deposits, divided in three phases. The maximum duration of the agreement is 25 years with an option for extension if Shell discovers a new oil deposit.
Albania has oil reserves of 220 million barrels and natural gas reserves of 5.7 billion cubic metres. The Patos-Marinza oil field near the southwestern city of Fier is the largest onshore field in continental Europe.