New oil concession for Area C given to Canadian company

13/05/2016 00:00

The Ministry of Energy has given in concession the Block C to a Canadian
company named “Zenit Energy”. The news was announced by the company
through a press release, which says that the Albanian authorities have
notified them of being the winner of the tender.

Block C is situated in the south of Durres, along the central coastline of Albania, and covers 900 square kilometers. The tender was open last year, together with six other blocks.

The Canadian company says that the preliminary studies in this area show high presence of gas, including the “Divjaka Ballaj” area, where there could 2.2 billion cubic meters of gas.

Zenit Energy owns 15 oil fields in several countries, including Canada, Argentine and Italy. The company says that Block C is 60 kilometers from the assets they own in Italy, which is another advantage.

The local oil industry is facing a difficult situation due to unfavorable situation in the world markets. The dropped price of oil through the world has damaged the sector. The government hopes to reactivate fuel searches and remove capitals from abroad, to help the economy.

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