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Patos Marinza is an oil field in Albania which is located 10 km east of the city of Fier which is a city in the south of Albania on the border with Vlora.
This oil-bearing basin was discovered in 1928 and is the largest onshore oil field in Continental Europe as well as in Albania. It constitutes 85% of the Albanian underground reserves.
In the early 1990s, after the fall of communism and the change of systems, almost every industry in operation was shut down. The government of Alexander Meks in power would begin to liberalize the market. In the oil sector, talks would be held with foreign companies that had shown interest in investing in Albania.
In those years there was no legal framework for cooperation with foreign companies in the field of hydrocarbons because the economy had just changed its nature, so there was no experience.
Historically, Albpetrol JSC has been the sole operator of the Patos Marinza oil fields.
After building the legal framework and business interests in the oil industry, the English company called Premier Oil would enter into negotiations with the Albanian Government in 1993. The agreement would be concluded in 1994.
As a result of the talks and the agreement, Anglo-Albanian Petroleum Ltd. was established, a joint venture of Albpetrol and Premier Oil that would work in a part of the oil field. The director of the joint company was Richard Wadsworth.
The Anglo-Albanian Petroleum Ltd joint venture was to be merged in March 2004 and Albpetrol resumed operations alone in Patos Marinza.
In July 2004, Saxon International Energy Limited, a company registered in the Cayman Islands on April 15, 2004, just two weeks after the British Premier Oil Company was officially withdrawn by Patos Marinza and inexperienced in the oil industry, showed interest in the rich Patos Marinza oil in Albania.
Saxon enters into a Hydrocarbon Agreement with the Albanian state on 19 June 2004 and becomes part of a licensing agreement between the National Agency of Natural Resources of Albania and Albpetrol on 7 July 2004 and on 16 July 2004 is approved by the Council of Ministers of Albania.
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