Paydirt for Dec. 4, 2017: Velca Block agreement may help harness Albania’s energy potential, says industry executive

Dec. 4 Albania photo.jpg

Emerging Europe article makes note of Pennine’s recently signed PSA

Pennine Petroleum Corporation’s finalized Velca Block agreement is an encouraging step forward for Albania in harnessing its massive energy reserves, according to an industry executive.

In recent days, Albania Energy Association chairman Erlet Shaqe made note of Pennine’s Velca Block Production Sharing Agreement (PSA) as part of an Emerging Europe article on Albania’s tremendous potential as an oil-producing nation.

According to the AEA, Albania has reserves of more than 277 million barrels—much of which is found in the Patos-Marinza oilfield, the largest such field in continental Europe.

“The Pennine Petroleum Corporation has finalised an agreement regarding the Velca Bloc,” Shaqe tells Emerging Europe. “They have received government approval, which paves the way for other procedures. The agreement is based on the division of production, research, development and production of hydrocarbons and is linked to the state oil company under the management of the Velca Bloc.”

Pennine (TSX-V: PNN) announced on Nov. 23, 2017 that it had received final approval from Albania’s newly formed Council of Ministers of the Republic to:

  • withdraw available geotechnical data from Albania’s Ministry of Infrastructure and Energy (“MIE”) for the Velca Block;
  • engage geophysical consultants to re-process that data; and
  • integrate the data with previously collected geological information.

Emerging Europe is a London-based think tank focused on economic and social development in Central and Eastern Europe, providing credible and impartial information on the region.

The AEA, established in 2011, is a not-for-profit industry association devoted to representing the country’s energy producers and consumers, and advocating for a secure, affordable and sustainable energy future for Albania.