EU & WBs / Albania Energy Investment Updates

EU & WBs / Albania Energy Investment Updates

Presentation of Albanian Centre for Energy Regulation and Conservation - ACERC

ACERC is a think tank centre with focus on the Albania energy market and its integration in the regional IEM. The Acerc mission base on the in-depth knowledge of EU and regional energy law and policy and strives to provide a qualified contribution to the promotion of the liberalization and effective integration as well as efficient use of energy resources.

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main activities briefly consists in build-up collaborations and supports to market players in study researches such as the certificate reports, articles and periodicals. The transfer of high expertise through building-up institutional capacities by national and regional training courses, seminars and conferences. The institutional representation and integration within framework of the forum of Albanian School of Regulation.

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Albania To Sell State Oil Firm, Offer Oil Blocks by Reuters|Benet Koleka|Tuesday, March 17, 2015

AEI Updates March 2015Posted by Adv. Lorenc Gordani, PhD Wed, March 25, 2015 09:38:19

TIRANA, March 17 (Reuters) - Albania wants to try again to privatise its state oil company this year, and will soon begin offering its blocks for oil and gas exploration, Prime Minister Edi Rama said on Tuesday.

Albania To Sell State Oil Firm, Offer Oil Blocks

by Reuters | Benet Koleka | Tuesday, March 17, 2015



The previous Democratic Party government, which Rama's Socialist-led coalition ousted in June 2013, cancelled the sale two years ago to a private buyer.

"We will end the long-drawn process of the privatisation of the state-owned Albpetrol company this year," Rama said.

"Since the very first day, it was clear to us Albpetrol was an anachronism and a hybrid that could not meet the challenges of the future," he told oil executives.

His audience included representatives of Shell, already active in Albania, Exxon Mobil, BP, Italy's Eni , Austria's OMV and Croatia's INA.

Albpetrol is an upstream company only, having sold its oil refinery four years ago.

Wooing investors, Rama said the government was determined to "secure a favourable regime for the exploration and development of oil and gas", including stabilizing fiscal clauses for the duration of contracts.

Oil and gas reserves are estimated to amount to 400 million tonnes, of which 40 million are easily extractable, Energy Minister Damian Gjiknuri said.

Thirteen onshore and offshore blocks can be explored for oil and gas, Rama and Gjiknuri said. "Very soon we shall start procedures to give the first three blocks for exploration to interested companies," Gjiknuri said.

Albanian law offered attractive fiscal terms during the exploration period, exempting companies from paying Value Added Tax, extending the research period from 5 to 7 years and the production time from 25 to 30 years, Gjiknuri said.

Shell and Calgary, Canada-based Petromanas Energy Inc already operate a well offshore Albania and have said test flows found oil and gas, but are yet to establish its production capacity.

The well is across the Adriatic Sea from Italy's offshore Val d'Agri field which pumps around 85,000 barrels per day.

(Editing by William Hardy)





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