Albanian oil exports reached around 1 million tonnes, worth 56.7 billion lek (Euro 396 million) in 2012, up from 41.7 billion lek in 2011 (Euro 291 million) in 2011 and a mere Euro 13 million in 2005 just before the signing of the first concession contracts in Albania’s oil sector
TIRANA, Jan. 14 – Albania’s oil exports in the past eight years have increased by more than 30 times, emerging as one of the key exports, mainly due to huge investments by Canadian-based Bankers Petroleum which since 2004 operates and has full rights to develop the Patos-Marinza and Ku谶a heavy oilfields under a 25-year concession contract with the Albanian government. A study carried out by Open Data research centre shows that Albanian oil exports reached around 1 million tonnes, worth 56.7 billion lek (Euro 396 million) in 2012, up from 41.7 billion lek in 2011 (Euro 291 million) in 2011 and a mere Euro 13 million in 2005 just before the signing of the first concession contracts in Albania’s oil sector.
However, due to the poor quality of Albania’s crude oil and lack of processing industry, Albania meets almost all of its oil needs with imports. The Albanian oil is exported and mainly processed as bitumen, which is used in road reconstruction.
Albania’s oil exports are 2.4 times higher than the amount of oil Albania imports. Albania imported around 432,000 tonnes of oil in 2012, down from 457,000 tonnes in 2011 and 484,000 in 2010, a trend which reflects rising fuel prices and global crisis impacts which have slowed down the Albanian economy.
“Efforts to process domestic oil and launch it into the domestic market have failed even because of poor management of the state-owned Albpetrol oil company which supervises the Patos-Marinza oilfield,” say Open Data experts.
Albania is estimated to hold oil reserves reaching up to 400 million tones with the Patos-Marinza oilfield in southwestern Albania is the main producer. The oilfield, considered one of the largest in Europe has a surface of 44,000 hectares and annual production capacity at 7.7 million barrels of oil.
