Under a proposed draft law, the country will gradually build reserves equivalent to at least 90 days of average daily net imports or 61 days of average daily domestic consumption, whichever is higher.

The reserves will be managed by a dedicated National Oil Security Reserve Authority, responsible for their procurement, storage, administration and release when required. The legislation also allows reserves to be stored by economic operators under service agreements.

The system will be financed in part through a levy on excise-taxed hydrocarbon products, including aviation fuel, with the rate to be determined by the Council of Ministers.

In the event of supply disruptions or significant increases in international prices, the government will be able to release reserves under a National Response Plan that will set out the conditions and procedures for their use and replenishment.

The draft law is intended to align Albania’s energy security framework with European Union standards and Energy Community obligations. It also provides for administrative fines ranging from 2 million to 10 million lek for violations, with repeated breaches potentially leading to the temporary suspension of activities.

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Speaking at a press conference, the government head large high quality light oil and gas reserve has been discovered, but the stability appraisal of the pressure of the gas and oil flow to the surface are being currently tested by the company.

“We expect the test result. The oil reserve is an indisputable fact. The final technical test of the stability appraisal of the pressure of the gas and oil flow to the surface is being conducted as the reserve has been discovered at a depth of 6 km,” Rama said.

“The value of the investment depends on the test result that will show whether the oil flow is stable and meets the required standards. We are confident that the test result will turn out positive,” the Premier said.

Tests conducted by the Dutch laboratory show that the oil discovered in the Shpirag field has the same premium quality as that of Saudi Arabia.

The final technical test of the stability appraisal of the pressure of the gas and oil flow to the surface has yet to complete and the test will take two to three months.

Work activity is currently concentrated on appraisal drilling at the Shpirag- 5 well, part of the Appraisal Programme of the Block 2/3. A geological survey has shown that it is one of the most difficult and most challenging oilfields in the world.

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