Albania's Prime Minister Sali Berisha received this week the executives of Petromanas Energy Inc. and Shell Oil Company, Petromanas' General Manager Glen McNamara and Shell's vice president for international strategy Marcus Antonini. Both companies exercise their activity in the field of oil and gas.
The company representatives presented to the prime minister the decision about Petromanas partnership agreement with Shell as JV Partner for Albanian assets. Under the terms of the Agreement, Shell will acquire a 50% participating interest in the Blocks in exchange for payments and carried costs up to US$50.3 million.
Mr. McNamara presented to PM Berisha the action plan about the assets they have already acquired on hydrocarbon agreement. This plan consists in the immediate start of prospecting through drilling the wells in three areas, in Juban of Shkodra, Shpirag of Berat and in the Papër area in the vicinity of Gracen village, Elbasan.
Shell will mobilize half of the 51 million investment planned to be carried out this year in the first phase of the exploration work. He said that drilling are due by March and will go on during the months ahead.
Mr. Antonini presented to the prime minister the Company plans to begin exploration work together with Petromanas Co. He said that Shell had already conducted studies on the potential of the oil wells in Albania. The results of this study were so encouraging that the Shell executives took the important decision about participation in this project. He emphasized that Shell views a perspective of oil resources and emphasized that the study has already confirmed that the oil reserves in Albania are considerable not in deep surface. The companies are already prepared for a second phase of continuing research into the carbon structures and 7-8 thousand meters deep. The joint venture between these two experienced companies in the international arena and Albania are a safe step ahead toward success.
PM Berisha congratulated the two companies for their decision of a Joint Venture in this major project and pledged the government support for their implementation of the working plan quickly and with transparency. He exchanged views with the company representatives on the oil reserves in Albania and the previous exploration activity. Further on, the prime minister spoke on the growth of this industry in Albania and voiced his confidence that this combination of knowledge and experience are the cornerstone of the opportunity of exploiting the oil reserves in Albania which have been estimated even by the international experts as the largest reserves in Europe.
PM Berisha congratulated his interlocutors about extension of the exploration activity even in other areas like in Mbreshtan, quite promising about the oil reserves.
The Shell Co. representative thanked the prime minister for his attention and support to this project and informed him about a considerable investment into the further studies and data collection about the seismic activity of the area as well as their digitalization in the framework of a regional study this company is carrying out.
He reiterated the company executives’ trust in having success stories with their projects and mutual interest. Source: Government