Shell finds light oil reserves at mountain in Albania

EnergyAssociated Press

Shell Upstream Albania B.V. has confirmed "a significant light oil discovery" at a mountain south of the capital, Tirana.

A statement Friday quoted Marc Gerrits, Shell's executive vice president in exploration, as saying that "initial tests have confirmed the potential of this discovery."

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The discovery at the Shpirag mountain, 120 kilometers (75 miles) from Tirana, has "a flow potential of several thousand barrels of oil per day ... in a fractured carbonate reservoir," an equivalent geological setting to the large Val D'Agri and Tempa Rossa fields in Italy, in which Shell holds a substantial position.

Albania, on the Adriatic Sea, has other oil wells with estimated reserves of hundreds of millions of barrels.