Oil research tender announced for the Vlora-Saranda area
10/10/2018 21:56
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Albania has started a bid for attracting foreign investors for searching oil in the southern area of the country.
The National Agency of Natural Resources has announced the bid for Block 5, after an order issued by the Minister of Infrastructure and Energy, Damian Gjiknuri.
Block 5 includes the area from Vlora to Saranda. The investors must offer their bids within October.
The winning company will receive a 5-year permit for searching gas and oil, with the chance to extend it to seven years.
If the company finds oil, it will have the right to exploit it, based on the conditions that are provided by the agreement signed with the Albanian government.
Albania has always been open to foreign companies that offer to look for gas and oil. So far they have spent hundreds of millions of Euros in researches. The most recent agreement was signed for Block 4 in Dumrea, with the Dutch “Shell” company, which will invest more than 42 million EUR in the process.
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