Albanian Oil Refinery and Escalera Resources to form joint venture

Escalera International Co. LLC, a subsidiary of Escalera Resources Co. (formerly Double Eagle Petroleum Co.), has signed a memorandum of understanding with AOR Albanian Oil Rafinery SHA (AOR) to form a joint venture to identify and acquire oil and gas drilling opportunities along with related facilities and infrastructure in Albania.

The JV, to be headquartered in Tirana, Albania, will be owned equally by both parties and is subject to approval by both parties.

Northern Albania, which is part of the Balkans regions, is believed to have 2.7 tcf of natural gas reserves and 198 million bbl of oil according to a survey conducted by Gustavson Associates in 2008.

Balkans.com 04.04.2014