TIRANA, Nov. 25 – In the midst of tax dispute with Albanian authorities, Canada-based Bankers Petroleum announced it has diversified its investments to Hungary by acquiring an oil exploration block where it plans to invest a total of €12.3 million over a three and a half year contractual term.
“We are excited by the opportunity presented by this addition to our portfolio and exposure to the oil and gas rich Pannonian Basin. Hungary has a prosperous history of oil and gas production within this target rich area,” said David French, the president and CEO of Bankers Petroleum.
Bankers Petroleum partnered with Hungarian oil company TDE Services in a joint venture in their bid for Block “P” within the Pannonian Basin in north eastern Hungary.
Bankers Petroleum has been struggling with modest profits during this year from its operations in Albania as international oil prices stand at a record low. The country’s biggest foreign investor and exporter reported a net income of U.S.$4.77 million in the first three quarter of this year, down 94 percent compared to the same period last year when international oil prices hit a record high.
