The Ministry of Infrastructure and Energy has refuted reports that Shell has pulled out of oil exploration in Shpirag.
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| During the works of the SHELL company in Shpirag |
Through a media statement, the Ministry of Energy declares that the news of the cessation of exploration is false and is propagated by politically motivated malice.
The Ministry emphasizes that the discovery of a significant deposit of 225 million barrels of oil reserves in Shpirag has been scientifically proven and documented.
However, the timing of its extraction will depend on the geological challenges encountered, as stated in the ministry's announcement.
The process of oil and gas exploration in the Shpirag area, as a strategic ambition and a long-term program of the Albanian Government, initiated with the approval of the Production Sharing Contract in July 2009, continues with the respective difficulties due to the highly complex geological formation of this region.
We are now in a phase where the discovery of a significant deposit of 225 million barrels of oil reserves, as well as a substantial gas reserve in the Shpirag subsoil, has been scientifically proven and documented.
Furthermore, the quality tests of the oil in this reserve have yielded excellent results, with a gravity ranging between 35-37o API (American Petroleum Institute), or in other words, a quality matching that of avant-garde oil in the global market.
The timeline for finalizing the extraction process of this oil quantity for the market is conditioned by the very specific geology of the Shpirag subsoil and the adoption of a specialized technology for exploiting the reserve. Therefore, both Shell, field specialists, and state authorities have been continuously mindful of the necessary timeframes.
However, amidst recent misinformation or politically motivated malice due to the lack of necessary information, there arises the need to publicly underscore the truth that this is an ongoing hydrocarbon agreement and that there is no cessation of exploration in Shpirag. Instead, there is only a quest for the right technological solution for the exploitation of an already discovered subsoil asset.
It is regrettable that, with cynical haste, some sources of misinformation have rushed to announce the failure of exploration in one of our country's most significant reserves, attempting to politicize what is purely a technical process and clearly in the national interest.
We assure the public opinion that the Albanian Government and the Ministry of Infrastructure and Energy continue unequivocally with the work, in cooperation with partner companies, to finalize the exploitation process of the discovered oil in the Shpirag area, awaiting further good news in other oil-bearing areas in the country, where there are very encouraging data.