Pennine Petroleum Corporation, a Canadian company, will have the exclusive right to search for oil in Velca.
The news was published by the company itself, which says they have won the tender organized by Albpetrol and that they have been approved by the Ministry of Energy.
The Velca Block includes 620 square kilometers in the south east of Vlore, a potential oil-preserving area. Studied held by Albpetrol from 1975 to 1990 show that this block might have from 14.2 to 70 million barrels.
The Velca block is one of the 13 free land and marine areas that the Albanian government has identified as potential oil resources.
The government hopes to attract foreign capital to help the economy, although the oil industry is in a very difficult moment.
The dropped prices in international markets have hit the investments in this sector.
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