Billions of Oil Investment Plans in Albania

Gas pipeline completion The TAP and the Devolli Cascade are expected to bring down investments by curbing growth in the economy. But Albania may have an alternative to get out of this situation. That's Shell, the world oil giant.

A few years ago we had a breakthrough in Shpirag. And at that time we were ahead of a question. Is there enough productive oil, right? We're actually in the evaluation phase. We are drilling a new well, which by the end of this year will give us the final answer to that question. If the results are positive, then we start the development phase immediately. At this stage many wells will be drilled and production infrastructure and support will be built”, said Rohan DéSouza, Director of Shell, Albania, broadcast tch.

According to Shell's director in Albania, if the results come positive then Shpergou will turn into the biggest investment in Albania. But despite high optimism, Shelle's leaders remain cautious.

The “means several billion dollars, which will be invested in a short period of time. At this moment, I cannot say a precise number, since we are waiting for test results. We're very optimistic. That's why we're here and we're continuing to invest. But in the oil research business you're never 100 percent safe without having final results”, says the director of SEL.

Because of low oil prices in recent years. Shell has suspended oil research investments in many parts of the world. In Albania the company continues to invest, but requires the government more clarity.

At this moment, there are some uncertainties or clashes of fiscal laws. We have a contract that determines a certain fiscal framework, while the tax administration operates according to its laws. Hence, it needs to be clarified as to which law will be applied. This is very important for us”, says D'Souza.

Shell is the world's sixth largest company. Last year it collected $305 billion in revenue, a figure 25 times greater than all of Albania's national production.