Crude oil production in Albania began in 1929 with 750 tons of crude oil. After World War II production increased steadily and recorded the highest pick in 1974 with an annual production of 2.25 million tons equivalent to 38,408 barrels/day). In the 80s oil production fell under 1 million tons per year and did not pick up until 2012. Oil production through petroleum agreements increased 3 times in the last five years.
The oil sector has historically been strategically important and main contributor to the economic development in the country. Oil exploration in Albania began in 1918. Since then, oil bearing fields were discovered in the onshore and offshore areas, and the country developed a complex oil refining industry throughout the years 1970-1980 . Information related to geological oil structure, history of oils development, existing oilfield and their technical details, as well as new investment opportunities are presented in AKBN’s publication “Petroleum exploration and exploitation opportunities in Albania” accessible at www.akbn.gov.al.
In 2015, MEI announced that crude oil production at 1,279,136 ton, worth USD 325 million, based on the average export price in 2015 at USD 254 per ton.
Oil produced by private licensees operating in the petroleum sector represented 96% of total oil produced in 2015. This production was extracted mainly from the Patos-Marinza oil fields, operated by Bankers Petroleum, respectively 89% of total oil production in 2015. MEI, AKBN and Albpetrol did not report gas production in 2015.