Shell sees significant oil discovery in Albania
[TIRANA] Shell Upstream Albania BV said on Friday initial tests showed "a flow potential of several thousand barrels of oil per day" from its Shpirag 4 well in central Albania, and it needed more work to determine its commercial volume.
"We are pleased that these initial tests have confirmed the potential of this discovery and look forward to growing our business in Albania," Marc Gerrits, Shell's Executive Vice-President of Exploration, said.
The Shpirag 4 well west of Berat had confirmed the flow potential of a significant light oil discovery, it added.
More appraisal work was needed to assess commercial volumes in Shpirag, in an equivalent geological setting to the large Val D'Agri and Tempa Rossa fields in Italy, Shell Albania said.
It plans to go ahead with extended production tests on the Shpirag 4 well and more drills to appraise the Shpirag 3 well, while exploring others to test their potential.
REUTERS
BT is now on Telegram!
For daily updates on weekdays and specially selected content for the weekend. Subscribe to t.me/BizTimes
Energy & Commodities
US, Philippines eye agreement to cut China nickel dominance
Oil eases on higher US crude output, hopes of Israel-Hamas ceasefire
Glencore now sees FY trading division profit between US$3 billion-US$3.5 billion
Hong Kong team plants seeds to safeguard legacy grains
Gold holds steady as investors focus on US Fed meeting
Chevron CEO expects ExxonMobil arbitration resolved in coming months