In the presence of the Prime Minister, Mr. Edi Rama and ENI’s Executive Director (CEO) Mr. Claudio Descalzi was signed in Tirana, on 20.12.2019 the Agreement on Production sharing of oil and gas exploration in Dumrea Block. This Agreement is the result of a one year preliminary work of AKBN with ENI Company and conclusion of a competitive tender process announced in September 2019 by AKBN. The Dumrea Block covers an area of 587 km2, located about 40 km south of Tirana and ENI Company evaluated it with good perspectives in terms of hydrocarbon exploration. Under this Agreement, Eni Company will own 100% of the interests and have the rights of the Operator.

Eni has been present in Albania since the early 1990s and performed hydrocarbon exploration operations in 2 blocks offshore, in the Adriatic 2 and Adriatic 4. After having drilled 3 wells and achieved non-commercial results in these blocks, in 1999 ENI left Albania fulfilling 100% of the terms set forth in the agreement. The return of ENI Company after 20 years to Albania in Dumrea Block, with its technology and competence will further contribute to the qualification of our specialists. Signing this agreement and its positive results will open up new prospects for hydrocarbon exploration in north of the Dumrea Block and bringing forth new investment to the country.

Following intense expert meetings and negotiations held by the negotiating team headed by Deputy Minister of MEI Mr.Ilir Bejtja, Director of Hydrocarbon Development Programs Mr. Ilia Gjermani and Director of AKBN Mr. Adrian Bylyku with the Italian company ENI on Petroleum Exploration Agreement for Dumrea block, it was possible to come out with an agreement with the oil company ENI for oil exploration in the Dumrea block.

The agreement with ENI sets a new quality standard in the hydrocarbon sector. It ensures full respect of the terms and conditions of each party and balances their advantages, thus increasing the benefits of the Albanian state compared to previous agreements. According to all studies made so far, the Dumrea Block, where the exploration is ready to start, has a significant expected reserve which is an added incentive to further proceed with the exploration.