Albania oil production from Patos Marinez oil block
Oil produced in the country is exported mainly to be refineries abroad. Domestic consumption of refined oil is met by imported oil. Crude oil exports accounted for 104% of oil produced in 2013. This ratio has fallen to 77% of oil produced in 2014, when crude oil refined by domestic refineries amounted 22%.
Based on the preliminary results published by INSTAT, energy and resources sector accounted for 7% of GDP in 2013 and 2014. Oil and mining sector together accounted for 5% of GDP, while the energy sector accounted for about 2 % of GDP. According to INSTAT resources, crude oil production accounts for about 68% of primary energy production, followed by electricity with about 20%
Crude oil production accounts for about 67% of the total output of the three sectors for two years. Approximately 87% of the oil produced is extracted from oil fields in the Patos-Marinez.
Chromium remains the main ore mined and processed in the country with about 72% of total mining production in 2013 and 76% in 2014. Mines Bulqizës, generated around 45% of chromium in 2013 with over 110 active licenses in manufacturing. This contribution increased to 53% in 2014.
Oil production in 2013 was reported at 1,203,637 tons with a value of 530 million USD. Production in 2014 increased to 1,386,124 tonnes or estimated value of about 549 million USD.
Oil remains the main contributor to the state budget by 3% in 2013 and 2.7% in 2014. Revenues generated by the sector’s direct payments, royalty payments, the separation of oil, the tax on profits and dividends are calculated respectively 15 billion Lek in 2013 and 14.9 billion in 2014. These payments constitute 27% of the crude oil production in 2013 and 26% in 2014.
State budget grossed about 67% of direct payments generated by the oil sector in 2013 and 2014. The remainder was collected by Albpetrol about (32-33%) and AKBN (0.3-0.5%).
Royalty presents the main source of the revenue generated from the oil sector with about (55% of direct revenue in 2013 and 52% of direct revenue in 2014). Renta is the main item of income to be received in the budget from the oil sector. It represented about 83% of payments in the budget from the oil sector in 2013 and 79% in 2014. The rest of the budget revenues was generated from tax on profits and dividends paid by Albpetrol. None of the private oil companies failed to pay taxes on profits in the years 2013 and 2015.
Share of oil production flow is the second largest direct revenues from the oil sector with about 33% of direct revenue in 2013 and 29% of income directly in 2014. All these payments around 75.825 tons of crude oil in 2013 and 94.304 tons of crude oil in 2014 were for Albpetrol – the administration of oil fields into production. Pre-existing production (production developed by Albpetrol before surrender wells) accounted for 89% of payments in the production division in 2013 and 87% in 2014.
Despite output growth, the number of employees in the sector fell by 23% in the past four years. These changes resulted due to the transfer of wells from Albpetrol to private oil companies. Apparently the private sector could attract more manpower during the transfer. In 2014, the sector of oil and gas extraction employs around 3.109 staff contributing about 0.3% of the total workforce enrolled by INSTAT. Albpetrol was the largest employer in the sector in 2014 with about 2,062 employees (66% of total employment in the sector of oil extraction).
In 2013, crude oil output tied to domestic consumption of oil (measured in crude oil) in 98% and exceeded it by 108% in 2014. Based on these data, it can be assumed that if all the oil will been refined in the country, domestic production would have been much closer to meeting domestic demand for consumption.
Oil produced in the country is exported mainly to be refineries abroad. Domestic consumption of refined oil is met by imported oil. Based on data reported by ACS, crude oil exports accounted for 104% of oil produced in 2013. This ratio has fallen to 77% of oil produced in 2014, when crude oil refined by domestic refineries amounted 22%.
- Serbia Lece gold mine in the hands of a phantom company from Dubai
- Glencore starts drilling again at Pallas Green
- How valuable is Kosovo’s mineral wealth?
- Romania Baia Mare Cyanide Spill by Esmeralda Exploration Australia
- Dundee issues Bulgaria Chelopech gold mine technical-mineral resource update report
- Dundee reports record gold production in second quarter in Bulgaria
- Armenia’s environmental crimes committed in Azerbaijani lands are said to cause $285 billion in damages
- IFIs EIB-EBRD-IFC-KfW financing HPPs in South East Europe against environment impact rules
- EBRD supports inclusive mining in Kazakhstan with ShalkiyaZinc expansion
- Ireland Conroy Gold increases drilling in Monaghan following ‘positive’ results