HYDROCARBON

The oil sector has historically been strategically important and main contributor to the economic development in the country. Oil exploration in Albania began in 1918s. Since then, oil bearing fields were discovered in the onshore and offshore areas, and the country developed a complex oil refining industry throughout the years 1970-1980. Crude oil production in Albania began in 1929 with 750 tons of crude oil. After World War II production increased steadily and recorded the highest pick in 1974 with an annual production of 2.25 million tons equivalent to 38,408 barrels/day. In the 80s oil production fell under 1 million tons per year and did not pick up until 2012. Through petroleum agreements, oil production has increased significantly in the last years.