Albania signs oil E&P deals with US/Canada group
TIRANA, Jan 19 (Reuters) - Albania on Monday signed oil exploration and production contracts for three onshore blocks with U.S. oil firm Occidental Petroleum Corp (NYSE:OXY - news), Anschutz Corp and Canada's International Petroleum Corporation (Toronto:IRP.TO - news).
Fatbardh Ademi, head of Albania's Hydrocarbons Agency who negotiated the deals, told Reuters Anschutz and International Petroleum Corporation (IPC) joined Occidental in the last stages of the talks. ''We signed three contracts for three blocks today with these companies,'' he said.
Occidental holds a 50 percent stake in the consortium, while unlisted Anschutz and IPC own 30 and 20 percent, respectively.
Ademi said blocks two and three were located in central and central-southern Albania, in the areas of Fier, Lushnje and south of Fier. The other block is in the northern Lezhe region.
''In the first three-year stage, they have a seismic (surveying) and drilling programme. The seismic part we hope will start this summer and drilling by the end of next year or in the third year,'' Ademi said.
Occidental has been present in Albania on an offshore block since 1992, Ademi said.
Earlier on Monday, Austria's OMV (OMVV.VI), heading a European consortium, also signed two oil production sharing contracts for three onshore blocks in Albania.
With a 40 percent stake OMV leads the consortium and will operate the blocks. Other members are British independent Enterprise Oil (quote from Yahoo! UK & Ireland: ETP.L; 30 percent), Hungary's MOL (MOLB.BU) (15 percent) and Clyde Expro, a unit of Gulf Canada Resources (Toronto:GOU.TO - news; 15 percent). |
