Albanian offshore application in limbo

A combination of political issues and the privatization of former state oil company Albpetrol has delayed Adriatic Oil’s application for the North Rodoni permit offshore Albania.

Offshore staff

LONDON – A combination of political issues and the privatization of former state oil company Albpetrol has delayed Adriatic Oil’s application for the North Rodoni permit offshore Albania.

Offshore Albania, in the southern Adriatic Sea, is one of the least explored shelf areas of the western Mediterranean Sea, the company adds. Only six wells have been drilled over a total area of 12,000 sq km (4,633 sq mi).

However, hydrocarbons have been found in four out of six wells drilled in Albanian waters, and also are present beneath the waters off southernItaly and Montenegro to the north.

Eni’sAquila oil field, in 850 m (2,789 ft) water depth in the southern Italian sector, has delivered 25 MMbbl of oil since production started in 1998. There is also an unappraised oil accumulation in the Giove area and a gas accumulation in the Falco discovery.

Adriatic Oil is monitoring moves by other companies and is aware of increased exploration activity in the southern Adriatic Sea.

3/1/2013

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