Although Albania is rich in natural resources of hydrocarbons, the processing of these resources has faced many difficulties since the country doesn’t have the necessary means factories to process them. The substantial growth of oil extraction has increased the possibilities for processing it and experts have predicted that during this year, will be processed about 700 thousand tons of oil.
Official sources from the Ministry of Energy and Industry attest that the restarting of work of ARMO’s oil refineries has increased the amount of oil and gas processed in the country. This has come due to the new investments made by the current government, since it is considered as a priority sector of the economy. Albania is known for the huge reserves of oil and natural gas in underground as experts say that there may be about 400 million tons of yet unexploited oil, from which 40 million tons of oil can be easily extracted.
In 2013, about 60 thousand tons of oil were processed in the country, while in 2014 the amount of processed oil quadrupled, reaching the amount of 260 thousand tons of oil. As the official figures released by the Ministry of Energy confirm, the production of crude oil increased by 200 thousand tons in 2014, reaching the value of 1.4 million tons produced during the past year.
The largest reserves of oil in the territory of Albania are found in Shpirag, Berat. Shell and Petromanas companies have stated that Shpirag 2 oil well produces about 1500- 2200 barrels of oil per day.
News source/photo credits: ATA