Key company information
Terraoil Swiss is an international oil exploration and production company with a strong operational focus in Albania and ambitions to expand its activities in Albania, the Balkans, Eurasia and beyond.
It is the operator of the Visoka onshore oil field with a 100% working interest. Terraoil Swiss is the second largest oil producer in Albania with production exceeding one million barrels since beginning operations in 2012. The Company is headquartered in Zug, Switzerland and is the licensee under production sharing agreements (PSAs) with the government of Albania
In 2018, Albpetrol (an Albanian state-owned oil producer) granted Terraoil Swiss three additional onshore oil fields and the Heads of Terms were signed. The Company expects to complete the PSAs for the new fields and to take over operations by the end of 2020. The final awarding process was deliberately prolonged by two unsuccessful applicants who made a joint claim in court against the government and Albpetrol that hindered the final takeover. High Courts in Albania were expected to decide regarding the complaints in early 2020 but did not convene to make their final decision due to COVID-19. The final operational takeover is therefore expected shortly after the High Court reconvenes and its decision is published.
To build production in the fields and to recycle reserves, Terraoil Swiss is moving ahead with a multi-year field development and rehabilitation programme.
|Company||Terraoil Swiss AG is a corporation existing under the laws of Switzerland and registered under number CHE-115.925.456|
|Business Activity||Albanian Oil & Gas sector (Exploration, development and production of oil and natural gas reserves in Albania)|
|Employees||135 (as of December 2019)|
|Head office||Industriestrasse 47, 6300 Zug, Switzerland|
|Company Register||Commercial Company Register Zug, Switzerland|
|Enterprise Identification Number (UID)||CHE-115.925.456|
|Legal Entity Identifier / LEI Code||50670090R069V1B25057|
|Share Capital||CHF 1,297,865.08|
Terraoil Swiss (“the Company”) has its head office in Switzerland and is the licence holder under a Production Sharing Agreement for the Visoka oil field in Albania.
Terraoil Swiss has a 100% stake in the Visoka field; the group’s Albanian subsidiary is the operator.
Licence term of 25 years from 2012 to 2037 (extendable thereafter for additional five year terms).
|Visoka oil field||
Visoka has a 2P recoverable reserve volume of 65.3 mmbbl (GCA Q1/2014).
Current production is approximately 300 bopd, while mid-case management forecast scenario anticipates production of roughly 13,000 bopd being reached over the next few years.
Resource estimates are based on the primary oil recovery methods. Secondary recovery methods are being tested which could improve recovery factors.
Primary recovery is planned through the anticipated development of the Company’s assets through drilling up to 187 horizontal wells across all fields.
Heads of Terms for three additional oil fields (Cakran, Gorisht, Amonicë) were signed in June 2018. Operational takeover of the new Albanian production portfolio in 2020 is expected to provide additional returns to shareholders.
Additional business development opportunities are under assessment. Specifically, additional assets in Albania, Balkans and Eurasia are currently under review. The further strategic focus lies on: