In June, Albania plans to offer seven offshore and onshore blocks for oil and gas exploration. Albania began preparing the bids in 2014 after a yet-inconclusive but possibly significant discovery by a venture between Shell and Petromanas in southern Albania.
The country’s energy minister, Damian Gjiknuri, is seeking bids for offshore blocks Ionian 5 and Rodoni and onshore blocks Four and Five in southern and southeastern Albania, Dumre in central Albania and the onshore Panaja and C.
The bid awards will allow companies to explore for an initial period of up to five years, which could be extended to seven, and they can develop and produce in the block for 25 years or more in accordance with Albanian oil laws. Part of the Ionian 5 block offered by Albania overlaps with the Ionian Sea area in which Greece seeks to search for oil.
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