Bankers Petroleum says oil sales in Albania grow 7% q/q in Q2 2012.

By bne IntelliNews July 6, 2012
Canada-based Bankers Petroleum said the average oil sales from Albanian Patos-Marinza oilfield increased by 7% q/q to 14,169 barrels of oil per day (bopd) in Q2 2012. Oil production averaged 14,167 bopd in Q2 2012. The average production in June was even higher, reaching 14,817 bopd. The average oil price per barrel in Q2 was USD 76.53, representing 71% of the Brent oil price, down from USD 84.96 in Q1 2012 (72% of the Brent oil price). Bankers net income soared by 242% y/y to USD 36mn in 2011 thanks to higher oil prices and an increase in production. It has budgeted USD 215mn for capital expenditure in 2012, fully funded by projected cash flow. It operates and has the full rights to develop the Patos-Marinza heavy oilfield and has a 100% interest in the Kucova oilfield, and a 100% interest in Exploration Block F.

Related Articles

Albania calls tender for supervision of sewerage project.

Albania has called a tender to select a company to supervise the construction and supplies for a sewerage system and waste water treatment plant in Velipoja area, the European Commission informed ... more

Albania's govt approves changes in concession agreement for Devoll project.

The Albanian government has approved changes in the concessionary agreement for the Devoll Hydropower cascade, which formally enables Austrian EVN to exit from the project, the cabinets press ... more

Albanian parliament panel endorses EUR 12.7mn EBRD loan for dam safety project.

The economy and finance committee of Albanias Parliament has approved a EUR 12.7mn loan from the European Bank for Reconstruction and Development (EBRD) to be used to fund a project for upgrading ... more

Notice: Undefined index: subject_id in /var/www/html/application/controllers/IndexController.php on line 335
Dismiss