Shell confirms the failure of Shpirag

The international hydrocarbon giant, Shell, has confirmed the failure of the search for oil in Shpirag.

The company has warned of withdrawal from the site and has reported that it will delete from its records 600 million dollars of expenses for research in Albania.

"For the first quarter, well exploration write-offs are expected to be 0.6 billion dollars, mainly in Albania," the company stated in the financial results update for the first quarter of the year.

Oil companies spend billions of dollars on prospecting by collecting seismic data and drilling wells to discover new oil and gas deposits. But when exploration fails or wells prove unprofitable, companies write them off their books.

We recall that Prime Minister Edi Rama stated in a press conference that the discovery of the oil source would have a very big impact in our country, on pensions, the education system, health, and the economy./ CNA

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