Oil production increased

05/12/2011 08:15

The production of crude oil in Albania, an activity now completely under
concessionary management, marked an increase during January-September
2011, according to Shqip Newspaper.

The average production in the third trimester of this year reached 13700 barrels (2900 tons), with an increase of 40%, compared to the same period of one year ago.

Thanks to the price increase, the revenues grew with 122%, according to a “Bankers Petroleum” announcement. The revenues of this company reached 251 million USD. A record production was marked in the recent days, reaching 14.700 barrels.

The concessionary company sells most of the oil in the regional market and in our country. Its exploitation territory has increased in the last years, after the government gave other wells or that were bought by unknown companies that had worked in the past with oil sources given by the government.

Albania has a small reserve of oil that is expected to end by 2025. The oil production in our country peaked in 1976, with 2.6 million tons. The current annual production is 600-700.000 tons.

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