TRANSOILGROUP AG, a Swiss company was incorporated in August 2010. Its two principal shareholders have many years of experience in the oil industry.
TRANSOILGROUP, under a production sharing agreement, produces crude oil at the Visoka oil field which is located in Albania. The agreement is valid for 25 years beginning February 2012 and is extendable for an additional five years.
Production commenced in February - March 2012 with the take over of 243 existing wells of which 13 were producing.