Albanian PM Edi Rama has formally announced the discovery of oil reserves in the Shpirag region. The oil is said to be of “the highest quality” and comparable to Saudi Arabia’s premium crude. The exploration and production of this newly discovered reserve could require up to an additional USD 7 bln in investment due to challenges associated with the region’s geology and infrastructure. Shell has been operating in Albania for some time, and the fact of the discovery has been known but not formally announced by officials.