Overview

Albania has a rich and unique history that has resulted in a country with a vast underdeveloped heavy-oil resource, an economy that encourages foreign investment, and that looks to the Western Europe and North America as allies of future development and growth. 

General Geography

Albania is located in the Balkan Peninsula northwest of Greece and bordered by the Adriatic and Ionian Sea to the west.  Our operations are in the south central region of Albania at the Patos-Marinza oilfield, about 10 kilometers east of the city Fier and an about two hours Southwest of the capital city, Tirana.

The Patos-Marinza oilfield, is the largest on shore oilfield in Europe. Immediately to the west of Patos-Marinza is Block F, an exploration concession, prospective for natural gas. The Kucova oil field is located about 30 kilometers east of Patos-Marinza, is a smaller and light oil development block.

History

Albania has a history of nearly 400 years under Ottoman rule, reclaiming its independence in November of 1912. Albania spent most of the the first half of the 19th century warding off foreign invasion.  In 1944, shortly after the end of the second world war, the communist party took power led by Enver Hoxha. In the 40 years that followed, Hoxha led the country under strict communist rule, plunging the country into deep isolation from all other countries and the collective development that was happening around the world.  

Hohxa passed away in 1985, and while the communist party remained in power for the next five years, Albanians began to hear the echoes of neighbouring Eastern European countries and the fall of the Soviet Union.  The fall of communism in Albania took place in 1990 and gave way to a relatively peaceful democratic revolution led by university students. Albania faced its share of challenges as it transitioned its economy from a centrally-planned system to an open-market economy. In the mid-90’s the emergence of misleading investment opportunities known as pyramid schemes took the economy hostage. In 1997, several large pyramid schemes were exposed and collapsed, leading to a period of civil unrest as a result of lost savings by many Albanians. The government worked to combat the issue by establishing a more sophisticated financial system, setting up a regulatory framework and clear lines of supervision and enforcement.

Albanian history
Albania has a rich and unique history