Albania to launch tender for oil, gas explorations in June

Last Updated: 2015-05-19 04:58 | Xinhua

Albania launched on Monday the initiation of the procedures for the hydrocarbon agreements on exploration of seven onshore and offshore oil and gas blocks, according to Albanian minister of energy and industry Damian Gjiknuri on Monday.

The tender procedures for exploration of the first seven oil and gas blocks will be held on June 15.

The Albanian National Agency of Natural Resources (AKBN), which designated the seven onshore and offshore oil and gas blocks, would publish on its website the map of free blocks for exploration in Albania, as well as the application form including the deadline for submission of applications for explorations in the blocks until June 15, according to the minister’s order.

The seven new areas for oil and gas exploration and production will be subject to competition in an open process, with the winners due to be selected through pre-defined criteria, according to Albanian telegraphic agency.

The gas and oil exploration operations are expected to attract foreign capital to help the country’s economic development, noted the minister.