Escalera Resources to form Albania joint venture

Escalera International Co. LLC, a subsidiary of Escalera Resources Co. (formerly Double Eagle Petroleum Co.), has signed a memorandum of understanding with AOR Albanian Oil Rafinery SHA (AOR) to form a joint venture to identify and acquire oil and gas drilling opportunities along with related facilities and infrastructure in Albania.

The JV, to be headquartered in Tirana, Albania, will be owned equally by both parties and is subject to approval by both parties.

Northern Albania, which is part of the Balkans regions, is believed to have 2.7 tcf of natural gas reserves and 198 million bbl of oil according to a survey conducted by Gustavson Associates in 2008.

The JV is Escalera’s “first effort…to identify and acquire both upstream E&P and midstream facility and infrastructure assets outside of the US,” noted Escalera Chairman and Chief Executive Officer Charles F. Chambers.

Escalara reported its name change last month in a move the company described as part of its repositioning for future growth as it looks to expand beyond its traditional role of onshore, domestic natural gas (OGJ Online, Mar. 25, 2014).

Related Articles

IAGC appoints new president

09/19/2014 The board of the International Association of Geophysical Contractors has reported that Ken Wells has been named as the organization’s president.

MARKET WATCH: Crude oil futures down more than $1 in New York, London

09/19/2014 The New York Mercantile Exchange October crude oil contract lost $1.35 to $93.07/bbl on Sept. 18. The November contract declined $1.22 to $91.98/bbl.

ExxonMobil ‘winding down’ Arctic well, complying with US, EU sanctions on Russia

09/19/2014 ExxonMobil Corp. released a statement that the company is complying with all US sanctions on Russia after news reports that the operator had halted...

ExxonMobil, Linn to make second asset exchange this year

09/19/2014 ExxonMobil Corp. has agreed to trade interest in 500 net acres from South Belridge field near Bakersfield, Calif., to Linn Energy LLC, Houston, in ...

Careers at TOTAL

Careers at TOTAL - Videos

More than 600 job openings are now online, watch videos and learn more!

 

Click Here to Watch

Other Oil & Gas Industry Jobs

Search More Job Listings >>
Stay Connected