Devil’s advocate on Albanian oil reserves

METE, the Albanian Ministry of Economy, Trade, and Energy, emphasises in one of its reports that Albania has extracted, until today, some 51 million metric tons of oil, or 64 percent of its exploitable reserves. According to the report, Albania can extract, based upon its existing technology and current oil prices, another 30 million metric tons of oil, equal to 15-20 years of production. Last year, Albania extracted 600,000 metric tons of oil, while in early the 80′ it extracted almost two million metric tons of oil and oil equivalents. Bankers Petroleum, operator of Patos- Marin캬 the largest and the oldest oilfield in Albania, believes that if it increases oil production, the oilfield will run dry by 2025.
There is still some hope. The geological reserves of oil in Albania contain 437 million metric tons. For the moment, technology and high cost do not allow even partial extraction of the reserves. However, new technologies and increased oil price may extend the life of the oil industry in Albania. (Tirana Times Staff)