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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. United Terra Enterprises is waiting for the authorities to finalize “Production-Sharing Agreements” that will grant it full rights to produce and develop these new fields, with expected implementation as soon as possible. After signing these agreements, the combined production from all four fields amounts to approximately 1,100 barrels of oil per day (bopd).
The exploitation 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, based on the Field Development Plan to over 22,000 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.
United Terra Enterprises boasts a highly experienced management team, widely respected within the industry, and renowned for its proven track record in operating within the realms of both heavy oil and the Albanian oil sector.
Due to current geopolitical changes United Terra Enterprises has been evaluating various growth opportunities globally. First negotiations have already taken place.
100% working interest in operated oil field in the Balkan since take over in 2012 in production
After signing the PSA for the 3 additional fields: Targeting 3,000 bpd in the short term with further growth to 22,000 bpd planned.
We are waiting for signing the PSA for the 3 additional fields Cakran-Mollaj, Gorisht-Kocul and Amonicé for 100% ownership and operating as soon as possible
United Terra Enterprises’s assets enjoy the advantage of close proximity to well-developed infrastructure. Situated near Fier, Albania’s sixth-largest city, the surrounding road network and neighboring towns provide essential support for the company’s oilfields and its workforce.
Presently, Terraoil employs truck transportation to move its entire crude oil production to local refineries. Albania hosts two refineries, namely Elbasan and Fier each boasting annual refining capacities of 4.5 million barrels. Additionally, crude oil can be efficiently transported by truck to Albania’s two oil export seaports, Porto Romano and Petrolifera Italo Albanese. These ports serve as gateways for oil exports to Italy and other refineries worldwide, with the capacity to handle international cargo sizes ranging from 120,000 to 180,000 barrels of oil.