Medoil Signs Petroleum Sharing Agreement w/Albania
Business, General News Tuesday, September 5th, 2006
Medoil has asked for exploration rights on the Albanian southern offshore “Joni-5” area, approximately 2,500 sq. km., extending to the northern boundary of Greece with water depths ranging from the coastline up to 800 meters.
The PSA is for seven years with a drill-or-drop decision after the second and fifth years. MedOil’s initial obligation is for 400 sq. km. of a 3-D seismic work programme in the first two-year period with a minimum work expenditure of USD 2.05million, according to Ministry sources.
“We are pleased to have been awarded this highly prospective offshore permit, where three hydrocarbon plays are identified in the block, all with successful analogues in the Adriatic region. A number of leads and prospects have already been mapped using the existing 2-D seismic data.” David Thomas, CEO, commented during the signing.
Short URL: http://www.albanianeconomy.com/news/?p=163
Posted by admin
on Sep 5 2006. Filed under Business, General News.
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