45% of produced crude oil in Albania is used for domestic consumption

The National Agency of Natural Resources has issued a new report regarding the activity of hydrocarbon companies which currently are exploiting and producing oil and gas in the Albanian territory, based on the Hydrocarbons Agreement. According to the report, during the first semiannual of this year the total amount of produced oil was 649.817 tons of crude oil.

From the total amount of crude oil produced, circa 45% of it (249.425 tons) was traded for domestic consumption in Albania while 410.398 tons were exported to external markets. Bankers Petroleum Canadian-based oil exploration and production company still remains the company with the biggest production activity among 5 other oil exploration and production companies that operate in the country. While, Albpetrol state owned company has produced only 22.266 tons of crude oil during January – July period according to the report, a small amount of produced oil compared to foreign companies which exercise activity in the country.

Currently there are six companies operating in the hydrocarbons sector in Albania, whose activity is based and regulated under the framework of the Hydrocarbons Agreement they have signed with the Albanian government. The produced crude oil by these companies has been sold to private oil processing refineries, mostly at Armo state-owned company.

Companies which exploit and produce oil and gas in Albania (2015):

Bankers Petroleum – Patoz Marinze area
TransAtlantic – Crakran, Hekal, Mollas and Delvine areas
Sherwood – Kucove area
TransOil Group – Visoke area
Phoenix – Amonice area
Albpetrol

News source/photo credits: ATA