British firm to explore for oil in Albanian waters

Albania signed a £14m (€20.73m) deal with Britain’s MedOil PLC today for oil exploration rights in its Ionian and Adriatic Seas, the Ministry of Economy, Trade and Energy said.

MedOil, a London-based oil and gas exploration company working mostly in the Mediterranean and North Africa region, will carry out exploration in three stages in the Ionian Sea from the Karaburun Peninsula to the southernmost town of Saranda, and in the Durres area in the Adriatic Sea, according to a statement.