Albania has the potential to produce about 2 million tons of oil a year after allocating new oil blocks by concession, Dritan Spahiu, an official with the Ministry of Energy, said on Wednesday, Balkans.com reported.
The Albanian government has launched the bidding process for 13 new oil search blocks across Albania by concession, in order to increase the production capacity, attract investments and turn the oil production sector into a key element of economic development.
Spahiu said the production target will be achieved in at least two years, while currently, oil production in Albania amounts to 1.4 million tons per year.
Oil reserves in Albania are estimated at about 300 million tons, of which only 40 million tons are being exploited.
News Source: Balkans.com