Bankers Petroleum increases oil production, sales

TIRANA, July 8 – Canadian-based Bankers Petroleum, which operates the Patos-Marinza heavy oilfield in southwestern Albania, reported higher production and oil sales in the second quarter of 2013. “Average production from the Patos-Marinza oilfield in Albania for the second quarter of 2013 was 17,800 barrels of oil per day (bopd), 5 percent higher than 16,919 bopd in the first quarter. Oil sales during the quarter averaged 18,008 bopd, 8 percent higher than the previous quarter average of 16,605 bopd. The crude oil inventory at June 30, 2013 was 330,000 barrels, 10,000 barrels less than 340,000 barrels at March 31, 2013,” the company said in a statement.
The Patos-Marinza second quarter average oil price was approximately $80.36 per barrel, down from $88.70 in the first quarter of the year
For the six months ended June 30, 2013 oil sales were 17,310 bopd ($84.34 per barrel) an
increase of 26 percent from 13,724 bopd ($80.57 per barrel) for the comparable 2012 period.
Thirty-nine horizontal wells were drilled and rig released during the second quarter in the main area of the Patos-Marinza oilfield.
In an article on the 100 biggest companies operating in Albania as far as their turnover and number of employees are concerned, Monitor magazine says that based on data it has obtained from tax authorities, Canadian-based Bankers Petroleum engaged in oil exploration and drilling was the company with the highest turnover in 2012 with 52.8 billion lek (Euro 367 million), replacing CEZ Shperndarje distribution operator which dropped to third place after facing a series of problems in 2012
Bankers Petroleum reported net income of USD 34.4 million in 2012, down 4 percent compared to 2011 on higher operating expenses and royalties.
With only 1 million Euro in 2007, Canada has emerged as the top foreign investor in Albania mainly due to huge investments in the oil extraction and mining by several companies, taking over even traditional partners such as neighbouring Greece and Italy.
Bank of Albania data show Canadian FDI in 2011 climbed to Euro 566 million, up from Euro 294 million in 2010 and Euro 102 million in 2009. Already present and successfully operating in the oil and mining industry, Canadian-based companies are showing increased interest in boosting their investments in Albania.
While Canadian companies such as Bankers Petroleum, Petromanas and Stream Oil invest heavily in oil and gas development in Albania, Tirex Resources and Empire are involved in mining.