Terraoil Announces Continuation of Drilling Operations on Visoka Block
Terraoil Swiss AG, an E&P company with a strong focus on the Mediterranean, today announced the commencement of drilling operations on the Visoka block, onshore Albania. The Company drilled the first well to a target depth of 1265 meters and is conducting initial production tests. The well was drilled by Albdrilling, an Albanian company considered to be a leader in its services and engineering expertise using modern drilling rigs.
Spudding our first well in Albania since the collapse of oil prices represents an important turning point for the Company as it resets the execution of our field development plan for Visoka. At the same time, we continue to work on the recovery of production levels, while simultaneously assessing new drilling plans and the maintenance and enhancement programs for existing wells.
After a challenging 2020, oil and gas demand recovery – supported by vaccination efforts and global supply cuts – is beginning to turn the oil and gas industry worldwide. In 2022 our onshore drilling activities are set to increase with the anticipated takeover of the three additional onshore producing oil fields. We believe such a healthy recovery will propel our operational activities beyond pre-pandemic levels during the next two to three years.