Newspaper logo

BACKGROUNDING POLITICS:

Large Potential Albanian Oil and Gas Discovery Underscores Kosovo's Importance

by Stephen Lendman

In fostering Kosovo's move towards independence, Washington [with NATO's help] has again trashed international law and the rules and norms of civil society for imperialistic goals.
On January 10, Swiss-based Manas Petroleum Corporation broke the news. Gustavson Associates LLC's Resource Evaluation identified large prospects of oil and gas reserves in Albania, close to Kosovo. They're in areas called blocks A, B, C, D and E, encompassing about 780,000 acres along the northwest to southeast "trending (geological) fold belt of northwestern Albania."

Assigned estimates of the find (so far unproved) are up to 2.987 billion barrels of oil and 3.014 trillion cubic feet of natural gas. However, because of their depth, oil deposits may be capped with a layer of gas. If so, Gustavson calculates the potential to be 1.4 billion barrels of light oil and up to 15 trillion cubic feet of natural gas. Further, if only gas is present, the discovery may be as much as 28 trillion cubic feet. In any case, if estimates prove out, it's a sizable find.

In its statement, Gustavson reported: "The probability of success for a wildcat well in a structurally complex area such as this is relatively high (because) it is in a structurally favorable area (and) proven hydrocarbon source and analogous production exists only 20 to 30 kilometers away."

Currently, the Balkans region has small proved oil reserves of about 345 million barrels, of which an estimated 198 million barrels are in Albania. Proved natural gas reserves are much larger at around 2.7 trillion cubic feet.

In December 2007, Albania's Council of Ministers allowed DWM Petroleum, AG, a Manas subsidiary, to assist in the exploration, development and production of Albania's oil and gas reserves in conjunction with the government's Agency of Natural Resources.

This development further underscores Kosovo's importance and the cost that's meant for Serbia. Since the 1999 US-led NATO war, it's been all downhill for the nation, the region and its people:


Steve LendmanStephen Lendman lives in Chicago and can be reached at lendmanstephen@sbcglobal.net. Also visit his blog site at sjlendman.blogspot.com, and listen to The Global Research News Hour on RepublicBroadcasting.org Mondays from 11AM - 1PM US Central time.

Mr. Lendman's stories are republished in the Baltimore Chronicle with permission of the author.



Copyright © 2008 The Baltimore Chronicle. All rights reserved.

Republication or redistribution of Baltimore Chronicle content is expressly prohibited without their prior written consent.

This story was published on February 19, 2008.