BP increases average oil production from Patos Marinze by 9.0%

TIRANA, July 15؃anadian oil and gas company Bankers Petroleum said on Wednesday that average oil production from its main Albanian oil field Patos Marinza rose by 9.0% on the quarter to 6,385 barrels of oil per day in the second quarter of the year.
The Patos Marinze average oil price for the second quarter was $35.11 (25 euro) per barrel, representing 55% of the brent oil price, as compared to the first quarter average price of $24.73 per barrel (56% of brent oil price), the company said in a statement.
The company also said that it has started its first exports from the Petrolifera Italo Albanese Terminal (PIA), located in the port of Vlore. The first shipments were carried on July 13.
“The export operations went efficiently and three additional export cargos are scheduled for the month of July and four cargos in August,” the statement said.
Bankers Petroleum has a 13,000 cubic meters storage capacity at PIA oil terminal, managed by Italian oil company La Petrolifera Italo-Rumena (PIR). The storage facility “will facilitate faster and larger oil shipments, ensure safer transport and offloading operations and can lead to the ability to realize higher oil sales prices,” the statement said.
Bankers Petroleum revenue from Albanian operations last year was $87.4 million, up by 61.7% from 2007.
Bankers Petroleum is an oil and gas exploration and production company which drills Albania’s onshore Patos Marinze and Kucova heavy oilfields and fields in the northern and central regions of the United States and in Canada
Last year the company started a two-year $370 million investment programme aiming to develop its two oilfields in Albania. The company received $110 million in loans from The International Finance Corporation and the European Bank for Reconstruction and Development earlier in May.