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Albpetrol JSC is a petroleum production and marketing company, which also monitors state petroleum agreements, in Albania. 100% of company stock is owned by the Albanian state. The company's headquarters is located in the city of Patos. In 2014, Albpetrol JSC opened a representative office in Tirana.
The history of Albanian oil began in 1918, when Italian geologist Leo Madalena drilled the first well near Drashovica (Vlorë). The well reached a depth of 200 m with positive results, despite the small amount of oil received. These results attracted the attention of major companies of the era, such as Anglo-Persian APOC Oil Company and American Standard Oil.
Since this time, more than 5,650 oil and gas wells were drilled in Albania. In the natural gas fields, 255 gas wells are producing from 500 wells drilled. In five oil fields there are 4,728 oil wells.
Albania currently has 12 known oil deposits and 5 natural gas deposits. Patos-Marinëz, an area of 44 thousand hectares, is the largest oil-bearing zone in continental Europe. It is estimated to contain 5.4 billion barrels of crude oil.
Albpetrol JSC Society was created by Government Decision No. 159 dated March 20, 1993, with 100% state capital. It operates according to the norms and rules of the market economy, with the object: Research and production of the hydrocarbons which included a full cycle of seismic works, geological, engineering, geophysics, research, extraction, processing and petroleum products marketing.
Today the Albpetrol JSC headquarters answers directly to the Ministry of Energy and Industry.
In the period before 1990, Albpetrol JSC was one of the largest undertakings of the Albanian State and one of the largest contributors to income in the state budget. The transition years brought a setback and a reduction of society activity. In the mid-1990s a number of world oil countries came to Albania and took by concession the oil fields administered by Albpetrol. This created a change in the company role, which today is not only oil production, but also functions as a regulatory entity and a controller of related hydrocarbon agreements between the Albanian state and foreign companies. The oil and gas industry will continue to have a primary role in the Albanian economy, not only because it employs a significant number of employees, but also for the beneficial income that the state gains from this industry.
The activity of Albpetrol JSC Society is:
- Conduct of the Petroleum Operations in accordance with Law No. 7746, dated 28.08.1993 for the research, development, production, handling (treatment), transportation, storage and sale of the crude oil, gas and bituminous sands inside and outside of the Albanian Republic.
- Conduct of any other commercial or services operation that serves Society activity. Society within the space provided by the legislation in force shall carry out any planner - preventive operation, commercial and financial, directly or indirectly associated with its object. This one includes also the opening of the activity and the establishment of other companies within and outside the country, as well as any other possible and lawful activity consistent with its interests.
The realization of the object of company activity shall be achieved through:
- The Exploitation and development of the existing oil-bearing zones and gas-bearing of the country,
- New research and development of the blocks in administration
- Exploitation of bituminous sands.
Attributes of ex-APC (Albania Petroleum Corporation) in Tirana, dealing with the research-producing hydrocarbons passes Albpetrol JSC society, starting from 01/04/2003. The power supply of qualified customers. Electricity trading. Natural gas transportation.
Environmental permit for the activity with spotting in the environments in the oil fields in Kuçovë Patos-Marinez (Drize + Goran) Ballesh Hekal, Amonicë Gorisht areas, in gas fields in Divjak - Lushnje, Frakull-Fier, Povelç - Fier, Finiq Sarand area, transmission network of oil and gas products, bituminous sand field Kasnice-Fier, Kuçovë and Patos Mechanical Plants.