Bankers Petroleum increases production

TIRANA, Oct. 8 – Canada-based Bankers Petroleum, which operates the Patos- Marinza heavy oilfield in south-western Albania and is the country’s largest foreign investor, reported higher oil production and sales in the third quarter of the year.
Average production from the Patos-Marinza oilfield in Albania for the third quarter of 2014 was 21,865 barrels of oil per day (bopd), 6 percent higher than 20,630 bopd in the second quarter of 2014. On a year to date basis for the first three quarters of 2014, oil sales averaged 20,701 bopd, 13.9 percent higher than the average sales in 2013, said Bankers.
The Patos-Marinza third quarter average oil price was approximately $78.66 per barrel (representing 77 percent of the Brent oil price of $101.85 per barrel), as compared with the second quarter average oil price of$86.68 per barrel. Crude sales to the export market during the third quarter made up the majority at 72 percent of the total sales at an average export pricing of 80 percent of the Brent oil price.
Last August, Bankers commenced delivery of crude oil to the domestic refiner, ARMO, under new ownership and management. The temporary contract enables the restart of the refinery to test the commercial viability of the refinery system.
Bankers said a record forty-five wells were drilled and rig released during the third quarter in the main area of the Patos-Marinza oilfield.
Bankers Petroleum, which is the country’s biggest exporter and taxpayer, reported net income of $52.2 million in the first half of this year compared to $27.2 million during the first half of 2013, registering a 92 percent increase.