Increasing commodity trading transparency in Albania, Dyveke Rogan, AlbEiti, Jun 1, 2017
Increasing commodity trading transparency in Albania, Dyveke Rogan, AlbEiti, Jun 1, 2017 The Government of Albania participates in the oil and gas industry through Albpetrol, the state-owned oil company engaged in exploration, development and production of crude oil and gas. At 31 December 2014, Albpetrol held shares in five Production-Sharing Agreements (PSAs) with other companies operating the production of oil and gas. In addition, Albpetrol operated on its own wells located in Ballsh, Patos and Kucova. Albpetrol sells the oil received from PSAs (profit share) and extracted through its own oil field operations (equity oil) through open public auctions. The auctions allocate annual contracts to sell oil, and the quantity of oil to be sold under the contract is based on the annual forecasts of oil to be received in-kind…