Govt Launches Bid on Three Onshore Oil Blocks

TIRANA, February 12
The Albanian Ministry of Infrastructure and Energy opened bidding round for three onshore oil blocs of Albletrol, respectively Cakran-Mollaj in Fier, Gorisht-Kocul, and Amonica in Vlora. The offer for the onshore bids is due March 31 for companies interested in exploring for oil and gas in the above-mentioned blocks, Top Channel reported.
Sources form the Ministry confirmed that if the bidding procedure is successful, the first stage for Albpetrol restructuring will follow next. The government announced that the state-owned oil exploration company would turn into a small unit responsible for the management of hydrocarbons contracts while the staff of 2,300 people will be reduced. They will receive severance pay or work for the companies that will receive the concessionary contracts.
The first two oil blocks Cakran-Mollaj and Gorisht Kocul are considered to have satisfying oil reserves. Concessionary agreements have been signed previously about these two blocks, but the Albanian state took back control after the private companies failed to meet the agreements.
Albanian authorities are optimistic that the race will result positive and negotiations with the winner companies might start during the first half of the year.
News Source: TCh