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.

Read in IntelliNews Pro
Get IntelliNews Pro

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

Follow Us On

Most Read

  1. Iran vs Israel: Who is better equipped for war?
    5 days ago
  2. Saudi Arabia to scale back plans for Neom city
    9 days ago
  3. BREAKING: Iraq, Syria and Jordan close airspace amid Iranian strike on Israel
    5 days ago
  4. PANNIER: Caspian military drills that exclude Russia and Iran have some people in Moscow asking questions
    6 days ago
  5. Oil continues to flow to Israel via Turkey despite Erdogan’s vehement speeches on plight of Gaza
    5 months ago
  1. Russia could pay off its entire external debt tomorrow, in cash
    19 days ago
  2. Speculation swirls of “Men in Blue” in Crocus City Hall terrorist attack linked to FSB
    24 days ago
  3. Albanians campaign on social media to keep bus bridge created in freak accident
    1 year ago
  4. UBN: Russia could take the Baltic states in 48 hours
    29 days ago
  5. BRICS announce a blockchain-based payment system to create a common currency
    22 days ago

Reports

Dismiss