Bankers Petroleum says production from Albanian oilfield at record-high in Q4.

By bne IntelliNews January 12, 2011
Canadian-based oil and gas exploration and production company Bankers Petroleum has reported a record-high average production of 10,838 barrels of oil per day (bopd) from its Patos-Marinza oilfield in Albania in the last quarter of 2010, the company said in a statement. In annual terms, production rose by 50% and in quarterly terms by 10.3%. Oil sales averaged 10,424 bopd in Q4, up by 6% q/q. In December alone, sales peaked to 13,500 bopd. This enabled the company to meet the annual exit production target of 12,000 bopd in 2010. The average oil price per barrel in Q4 was USD 53.13, representing 61% of the Brent oil price, compared to USD 46.61 in Q3. The Canadian enterprise will expand drilling capacity in Albania with a fourth drilling rig to be opened in April 2011. The exit production target for 2011 is set at 20,000 bopd. The construction of the second tankage at the oil terminal in the port of Vlora will be operational in February, which will increase the storage capacity by additional 80,000 barrels of oil to a total of 160,000 barrels of oil.

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