Albania has a rich and unique history that has resulted in a country with a vast underdeveloped heavy-oil resource, an economy that encourages foreign investment, as allies of future development and growth.
Albania is located in the Balkan Peninsula northwest of Greece and bordered by the Adriatic and Ionian Sea to the west. Our operations are in the south central region of Albania at the Patos-Marinza oilfield, about 10 kilometers east of the city Fier and an about two hours Southwest of the capital city, Tirana. The Patos-Marinza oilfield, is the largest on shore oilfield in Europe. Immediately to the west of Patos-Marinza is Block F, an exploration concession, prospective for natural gas. The Kucova oil field is located about 30 kilometers east of Patos-Marinza, is a smaller and light oil development block.
Direct Foreign investments
Albania offers a very friendly legal framework for foreign investment. The Law on Foreign Investments is based on the principles of equity, non-discrimination and investor protection. According to this law: No prior authorization is required for foreigners to open a business in Albania; 100% foreign ownership in an enterprise is possible; Foreign investors have the right to repatriate all funds and in-kind contributions of their investments; Investors are treated on the basis of conditions not less favorable than those provided for domestic investment in similar circumstances, except land ownership, which is governed by a separate law; In any case, foreign investment is treated no less favorably than that provided by generally accepted norms of international law; A foreign investment holding company has the right to employ foreign nationals as well; Private property and investment are protected by law from expropriation or similar effect measures, unless expropriation is carried out for a public purpose; In all cases and at all times, investments are treated equally and impartially, enjoy full protection and security.
Cleaned more than 800 leases to date
Investment in lease clean-ups over $20 million
Cumulative taxes paid to the Albanian Government: around $700 million
Total royalty tax payments 2018: $36 million
Taxes To municipalities and communes 2018: $2.2 million
Production 2004: 600 bopd vs. 2018: 15,500 bopd
Reserves 2006: 101 million bbls vs. 2018: 203 million bbls
Total Number of Wells Drilled as of 2018: 773
Cumulative investment in community relations projects 2009-2018: over $8 million
Total employment: 1700 people
Direct employment of Albanian nationals: over 500
Indirect employment of Albanian nationals: around 1200