REPORT / Shell fails to find oil in Shpirag, deletes 600 million dollars of investments in search

The giant hydrocarbon company, SHELL, has reportedly failed to find oil in the promising Shpirag field in Albania.

In the company's latest report, SHELL announces the deletion from its records of over 600 million dollars of investments, mainly in 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.

Companies spend millions of dollars in expenses to search for oil in areas with potential, but when the searches turn out to be fruitless they write the expenses off their accounting records.

Prime Minister Edi Rama and Minister Belinda Balluku gave the news about the possibility of discovering a large oil field in Shpirag in a special press conference. Rama said at that time, that not only there is great potential for the discovery of oil, but that it is of the first quality, comparable to that of Saudi Arabia.

Shell's report on exploration in Shpirag .