Albania to grant oil concessions

Feb 25, 1998 01:00 AM

Jan. 9, 1998 Albania will grant concessions to two international oil groups this month to search for oil in six onshore blocks, according to Public Economy Ministry officials.
The group consisting of Austrian OMV Exploration GmbH and British Enterprise Oil Exploration Ltd and Clyde Gas Limited will be granted two blocks in the south and one in central north Albania, they said.
Occidental of Albania, a subsidiary of Occidental, and the International Petroleum Corporation will get concessions for two blocks in the south and one in the north.
Austria's OMV and Occidental, the leaders of each group, both have a year-long experience in Albania.
The production-sharing deals, which Public Economy Minister Ylli Bufi is expected to sign this month, have to be approved by the Socialist-led coalition cabinet.
Albanian oil specialists believe drilling in the six blocks could start by summer.
Numerous foreign oil companies have been given concessions to explore for oil onshore and offshore in Albania since the former communist Balkan state invited bids seven years ago.

Source: not available
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