Large international oil companies (IOCs) and the largest national oil companies (NOCs) are all anxiously watching an oil well that's being drilled by a North American company in a little, out-of-the-way country in Europe.
In fact, this country—Albania—has recently garnered so much attention from Big Oil due to the results of the elephant potential of this oil deposit that the Albanian Energy Ministry just decided to establish an open-tender system for the next round of sales of blocks with major oil and gas potential. If you're not familiar with it, "open tender" is an auction process where the highest bidder gets the land blocks.
The Energy Ministry wouldn't do this unless the demand were significant, and when Doug Casey and I visited the region recently, we were very impressed with its world-class potential. We're both excited to see the oil well results that are slated to come out within the next few months—so are the IOCs and NOCs, and so should you.
To share our excitement, Doug and I thought it would be a great idea to literally bring you into the room to see and hear what we see and hear—and thanks to modern technology, I present to you today the Casey Energy Report (CER) Crossfire.
One of the few times I filmed a CER Crossfire was with Keith Hill from Africa Oil. It's not something I do regularly—only when I'm really excited about a company. The company we have on CER Crossfire today, Petromanas Energy (PMI.V), is chasing world-class, elephant oil deposits, but rather than deepwater Africa (like Keith did with Africa Oil), it's drilling deep onshore in Europe.
As you will hear me discuss in the video, the last time I've seen a company chasing deep world-class oil deposits with this kind of massive upside was Africa Oil.
Shell, one of the largest IOCs, is paying almost all of the US$70 million this oil well costs to drill to earn its 75% share of the project, and it will do the same with the next well. We haven't seen such a high reward-to-risk ratio in a long time.
So, rather than reading a long missive, I invite you to watch this edition of the Casey Energy Report Crossfire with Glenn McNamara, the CEO of Petromanas. I think it will definitely be worth your time.
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We expect great things from this company. You can read our ongoing guidance on Petromanas and our other top energy stocks every month in the Casey Energy Report. In the current issue, for example, you'll find an in-depth field report on the Europe trip Doug and I took, what we learned at our site visits, and which companies are poised to benefit most from the budding European Energy Renaissance.
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