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The Shpiragu well is the first such well discovered in Albania after the 90’s, but its commercialization was not made possible because it was dug at its foundation. The addition to the contract aims at allowing investments which will sent the drill to the center of the well, so as to make a value estimation of the well. If the source results to be satisfactory then Occidental Petroleum will plan the digging of other oil wells. The oil will then be sold to the Albanian oil processing and sale company ARMO, currently in the privatization process.

Albania has signed seven different concessionary contracts with international companies but up to date only two have been successful. Currently in Albania there are two crude oil wells: the state owned Albpetrol with production levels reaching 300,000 metric tons per year and the Canadian company Bankers Petroleum producing about 100,000 tons. Albanian oil reserves are estimated at 30 million tons. The domestic refinery last year produced 100,000 tons of diesel covering thus 25 percent of domestic market needs.

Occidental operates in Albania under a concessionary contract which authorizes it to conduct research and the commercialization of the oil wells is done then by those companies which can recuperate their expenses from the first faze of exploitation. After disbursing all expenses, then the profit is divided based on the contract with 49 percent going to the concessionary and 51 percent to the Albanian government.