TIRANA (Albania), April 16 (SeeNews) – Albania’s state-owned oil and gas company Albpetrol decided not to proceed with the planned sale of 117,639 tons of crude oil after an auction held on April 8 failed to attract interest, the country’s energy ministry said.
No bid was submitted in the auction, the ministry said in a notice published on Wednesday.
The auction was announced on March 31.
Albpetrol currently operates six active oilfields in southern part of Albania and closed 2017 with a production of 956,001 tons of crude oil, according to information posted on the company’s website.
Albania has oil reserves of 220 million barrels and natural gas reserves of 5.7 billion cubic metres. The Patos-Marinza oilfield near the southwestern city of Fier is the largest onshore field in continental Europe.