Albania Signs Oil Exploration Contract With Italian Company

The Albanian government and Italian oil and gas company ENI signed a production sharing contract on Friday to explore for oil in the offshore Dumre Block, located some 40 km south of the capital of Tirana.

The contract was signed by Albanian Minister of Infrastructure and Energy Belinda Balluku and ENI CEO Claudio Descalzi in the presence of Albanian Prime Minister Edi Rama.

Rama described the signing as "a very important moment for the country, for the hydrocarbon sector and for the future of Albania's economy".

According to Balluku, investments in the hydrocarbon sector are estimated at 1.5 billion U.S. dollars and investments envisaged by ENI will contribute significantly to increase this volume.

"The new entry after 20 years in Albania, in the Dumre Block, represents a very important step for ENI," Descalzi said.