Phoenix Petroleum Gas and the state owned company, Albetrol sh.a, have negotiated and agreed on the terms and conditions of Petroleum Agreement for the development and production of petroleum in the remaining reserves of 5 oilfields and 5 gas fields in the southern part of Albania (the "Project"). The Agreement has two phases. The first phase (Evaluation Phase of 18 months plus 6 months), will provide a comprehensive database and run experimentation of advanced technologies in particular parcels. The second phase (full Development Phase of the fields - with duration of 25 years) will develop the fields based on a proper detailed Development Plan.

1. The oilfields of this Agreement belong to carbonate (3) and sandstone reservoirs (2). Of these oil fields the geological reserves (OOIP) are estimated (ex-Albanian Petroleum Institute) in total of 6.3 million tons of oil, of which so far have been extracted about 12.5% of them. To develop these deposits have been drilled in total about 150 appraisal and production wells. Currently, these oil fields are in advanced stage of exploitation. The Project’s most important oil field is Amonica oilfield, with circa 68% of remaining recoverable reserves.
2. The 5 natural gasfields of this Agreement have in total about 447 million Nm3 remaining proved gas reserves and about 3 billion Nm3 gas of the probable categories in their productive areas. Numerous exploratory, appraisal and development wells are drilled in natural gas fields. Their number amounts to about 300 wells, of which more than 220 have been gas producing wells.
3. Lack of investments, together with the obsolete technology, and limited research and experimentation, as well as with the lack of indispensable services to the exploitation wells have made today do not have an exact picture of the development perspective of significant reserves of oil and gas in these oil fields.

Using the long experience in developing of oil and gas fields in Albania, a group of prominent local specialists engaged to assess opportunities and the introduction of appropriate technology in the evaluation phase of Agreement for the increasing production and the addition of new of oil and gas reserves from these fields.