Bankers Petroleum eyes USD 215mn capex, 30% higher output in Albania in 2012 .

By bne IntelliNews December 21, 2011
Canadian-based oil and gas exploration company Bankers Petroleum, which develops large oil and gas reserves in Albania, said it plans a USD 215mn capital expenditure programme in 2012 to fund its Albanian operations. Bankers said in a statement it expects to meet its investment target this year, which is at the same level as the planned for 2012. The major part of next years expenditures will be allocated for funding the development of the Patos-Marinza oilfield. Some USD 131mn will be spent on drilling activities and USD 18mn on well reactivation, which is expected to result in a 30% increase in average oil production in 2012. The company plans to start drilling in 100 horizontal and vertical wells as well as commence the reactivation of another 60. The investment program also envisages USD 12mn for development of the Kucova oil field, USD 5mn for exploration works at Block F as well as USD 4mn for a thermal pilot project. The Canadian companys base capital programme for next year totals USD 45mn. It includes construction of additional satellite treatment facilities along with planning for phase 2 pipeline construction connecting the receiving hub in Fier with the port terminal in Vlora. Bankers Petroleum plans to fully support the capital expenditure program with funds, generated from operations, and cash resources.

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