United Terra Enterprises is a uniquely positioned onshore Albanian oil producer, having operated in the country since 2012. Over this period, it has successfully produced over 1.3 million barrels of oil.
The company produces oil from the Visoka oil field and, in June 2018, it formalized heads of terms agreements for three additional fields: Cakran-Mollaj, Gorisht-Kocul, and Amonicë. The combined current production from these four fields amounts to approximately 1,100 barrels of oil per day (bopd). United Terra Enterprises is in the process of finalizing production-sharing agreements that will grant it full rights to produce and develop these new fields, with expected completion by late 2023 or early 2024.
The acquisition of the Cakran-Mollaj, Gorisht-Kocul, and Amonicë oilfields is expected to enable United Terra Enterprises to realize significant synergies and efficiency gains. With the right funding and strategy, the company aims to increase production to over 20,000 bopd. A disciplined investment and development program, coupled with economies of scale and low onshore operating costs, is anticipated to result in the production of high-margin barrels.
100% working interest in 2 operated oil fields in the Balkan region with 320 bpd **
Targeting 3,000 bpd in the short term with further growth to 20,000 bpd planned
United Terra Enterprises utilizes environmentally friendly primary high-standard production methods and incorporates cutting-edge Western technology to enhance productivity in oilfields that have historically underperformed due to the use of outdated equipment and operating methodologies.
Since February 2012, United Terra Enterprises’s subsidiary has been operating the Visoka Field under a production sharing agreement with the Albanian government. The company has made substantial investments, exceeding USD 100 million in capital expenditures and operations since 2012.
Upon the finalization and signing of production sharing agreements for additional fields, specifically Cakran-Mollaj, Gorisht, and Amonicë, United Terra Enterprises will secure a 100% interest in four onshore oil fields in Albania. These producing assets, located in the southern region of the country, yield medium to heavy oil from fractured carbonate reservoirs.
United Terra Enterprises entered into heads of terms agreements with the Albanian government for the Cakran-Mollaj, Gorisht, and Amonicë fields in 2018, operating under comparable terms to those of Visoka. As of now, the total current production across all four oil fields stands at approximately 1,100 barrels of oil per day (bopd).