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BMI View: Weak oil prices have essentially stalled exploration and development work in Albania's
upstream, and will negatively impact production in 2016. Two key companies are exiting their position in
the country, though Shell is involved in a new drilling campaign.
Latest Updates And Key Forecasts
? Oil production in H116 has fallen heavily, averaging around 19,000b/d after drilling was halted across the
? In June, Shell spud the Shpirag-3 well, which it is expecting to take around one year to complete due to
? Chinese company Geo-Jade Petroleum Corp. completed its purchase of Albania's largest oil producer,
Bankers Petroleum, for CAD575mn.
? TransAtlantic Petroleum also sold its oil assets to GBC Oil, but will retain its interest in the Devlina
gas prospect for which it is eyeing a joint venture partner.