August 24, 2023 [MENAFN]- The oil and gas company shell upstream albania plans to invest a total of 7 billion euros (7.6 billion u.s. dollars) in oil extraction and processing infrastructure in the shpirag area of albania, the country’s prime minister edi rama announced here on wednesday.
Speaking at a press conference, rama said that a preliminary analysis has shown that the oil found in the shpirag area is of very high quality.
Shell’s investment would include the construction of infrastructure for the storage and separation of the gas, oil and sulfur extracted from the deposit.
Rama told reporters that more details would be given only after obtaining the results of underground pressure stability tests.
Final tests will begin in october, and will continue for three more months, rama added.
According to shell, the presence of oil in the shpirag area was confirmed in 2013 by the shpirag-2 well, which demonstrated the presence of a light oil column of at least 800 m in the reservoir.
Shell upstream albania is a subsidiary of uk-based royal dutch shell.
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