In October 2018, Albania’s national agency of natural resources (AKBN) invited bids for oil exploration in Block 5 in the southwestern part of the country. The deadline for the submission or the bids was November 7, but the results have not been made public yet. In March 2018, state-owned oil and gas company Albpetrol invited expressions of interest for concession agreements in Gorisht-Kocul, Cakran-Mollaj and Amonica fields. In January 2018, Shell Upstream Albania, a subsidiary of Royal Dutch Shell, started drilling an onshore appraisal well Shpirag-4. The following month, the government of Albania and Royal Dutch Shell reportedly signed an exploration deal, which foresees an investment of EUR42.5mn over the next seven years into Blocks 2, 3 and 4. We hold our muted forecast for oil reserves, which we expect to drop to 131.2mn bbl by 2027, down from an estimated 192.6mn bbl in 2018.

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