Oil production substantially increase the exports

Oil production substantially increase the exports

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Oil production substantially increase the exports Autori: Dr. Lorenc Gordani Legal Adviser in the Albanian Energy Market A recent article in the renowned magazine Oil Price asked “Can Oil Pull Greece Out Of Poverty?”. The obvious thought that rise up in mind is a parallel with already huge amount reserves available and exploited in Albania. According to data published by state-run statistical institute, INSTAT, Albania’s exports officially grew by double digits in the first half of this year. In spite of the influence in this result that came from the bankruptcy of the only local refining industry to the ownership of the Armo company, the fact is that the hydrocarbon sector is very important for Albania. On regard, an important part of exports growth is a result of a sharp…
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Albania, from largest oil reserves to the hub of EU

Albania, from largest oil reserves to the hub of EU

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Albania, from the largest continental onshore oil reserves in Europe, to the new natural gas bridge between the Balkans and Italy, by Dr Lorenc Gordani, 30th June 2017 Petroleum and Gas Production: 1.4 mln ton/year Patos-Marinza Oil Reserves: 200 mln barrels Estimated Oil Reserves: 500 mln barrels Albania’s long history of oil production dates back some 2,000 years, when the Romans mined bitumen in the southwest (Apollonia, today the city of Fier) to caulk their ships. The first wells were drilled in the early 1900s, with Rockefeller’s Standard Oil and the predecessor of BP, Anglo Persian Oil Company, leading the expansion of Albania’s oil industry. In 1932, the largest European onshore oil field was discovered at Patos-Marinza, now operated by Bankers Petroleum. Crude oil production in Albania in 1929 was…
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