TIRANA, April 8 – Canadian-based Bankers Petroleum which operates the Patos-Marinza heavy oilfield in southwestern Albania increased average oil production to 19,911 barrels of oil per day in the first quarter of 2014, up only 3.2 percent compared to the final quarter of 2013.
“Oil sales during the quarter averaged 18,435 bopd, 6.5 percent lower than the previous quarter average of 19,710 bopd as a result of the final export cargo of the quarter slipping into the second quarter due to weather delays,” said the company in a statement.
Thirty-four wells were drilled and rig released during the first quarter in the main area of the Patos-Marinza oilfield.
In the coming year, Bankers will remain focused on key infrastructure projects aimed at reducing costs and optimizing operations, including field electrification, flow-lines, sour treatment facilities, gas gathering and additional cascade systems.
Canadian-based Bankers Petroleum posted record profits of around 62 million dollars in 2013, almost double compared to the previous two years on higher production and oil prices, the company said in its 2013 financial results.
Albania’s oil exports in the past eight years have increased by more than 30 times, emerging as one of the key exports, mainly due to huge investments by Canadian-based Bankers Petroleum which since 2004 operates and has full rights to develop the Patos-Marinza and Ku谶a heavy oilfields under a 25-year concession contract with the Albanian government.
Deal over fiscal changes
Bankers Petroleum says it has been in regular discussions with the Government of Albanian with regard to the previously announced fiscal changes and tax law related amendments and that it has received assurances from the government that a financial offset will be offered to mitigate the impact of fiscal changes which were approved at the end of 2013. A formal agreement is expected to be finalized in the second quarter of 2014.
“The Company is encouraged by the progress that has been made and expects to reach a formal agreement with the Government of Albania with regard to an offset mechanism for Excise Tax which was implemented on April 1, 2014 as well as other changes included in the 2014 fiscal package. The Company continues to carry out its 2014 capital program as originally conceived and foresees minimal impact on our ongoing business with the government assurances,” said David French, President and Chief Executive Officer of Bankers Petroleum.
