Albania could increase the production of its oil up to 50%

Albania’s Prime Minister Rama, accompanied by Minister of Energy and Industry Damian Gjiknuri visited the Molisht hydrocarbon-Shpiragu, where companies Royall Dutch Shell and Petromanas Albania are performing search operations for hydrocarbons.

Molisht-Shpiragu constitute 2-3 and exploration block under the Petroleum Agreement, has completed the first phase of research. During this phase has completed drilling of the well Shpiragu-2 and is in the process of drilling the well Molishti-1. Investing at this stage worth over 200 million dollars, while petroleum exploration drilling runs about 3,500 to 4,000 feet below ground.

After drilling the well Shpiragu-2, in October-November 2013 testing was conducted, resulting in the discovery of oil and gas in significant quantities.

From research leaders, Prime Rama was informed that the hydrocarbon operations are currently focused on the completion of the drilling of the well Molishti-1 and that foresees the drilling of three more wells, with investment of 200 million dollars. Kastriot Bejtaj, Deputy General Director of Petromanas, said the first indicators of well-Shpiragu 2 indicate hydrocarbon content, easy oil, of a very good quality, 150 tons per day and 50 m3 gas per day. He said even for the very good cooperation with the National Agency of Natural Resources and local authorities.

Prime Rama considered very good news, those indicators to the hydrocarbon industry and the economy as a whole. But this sector, the Prime Minister stressed faces serious problems and lack of transparency, to address the steps which are needed to restructure this fast.

“We are aware that we must do more quick steps to restructure the entire sector, so that actors of such high importance, not only feel good within the area, but feel good in all sectors, because we know that the sector has been extremely problematic, extremely opaque, exceptionally captured by interests and fiber that have damaged his prospects and income deprived people.”said the premier.

Gjiknuri praised stressed that the investments that are being made in this block can attribute to 50% of oil production in Albania.

“Above all, the quality of oil is very good and could potentially increase the production of Albania oil up to 50% more than it is today. Which, considering the very good quality oil, in financial terms means almost 70% more volume of oil exports today. The importance of all this block, if properly developed, based on the more serious investment by Shell and Petromanas will be a very good news for Albania, a great increase of production, more revenue for the state Albania, a very good thing for the oil industry and turns the country into a major oil country, the quality of the best light oil that today are in the world. “said Minister Gjiknuri.

Balkans.com 19.02.2014