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DUBAI, United Arab Emirates, June 25 (UPI) -- Emerging oil and gas explorer Sky Petroleum said it uncovered significant amounts of recoverable hydrocarbons at its leases in Albania.
Sky Petroleum under an exclusive production-sharing contract with the Albanian government explored three blocks encompassing more than 1 million acres, or roughly 20 percent of the Albanian landmass.
Dritan Prifti, the minister of economy, trade and energy for Albania, said the region covered in the exploration area holds as much as 900 million barrels of oil equivalent in recoverable hydrocarbons.
"We are very pleased to add these significant world-class assets into our portfolio and look forward to developing these blocks as well as extending our footprint in the region," said Karim Jobanputra, president and chief executive at Sky Petroleum.
Sky Petroleum, based in Texas and Dubai, describes itself as an emerging oil and gas company exploring development activity in Albania.
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