Bankers Petroleum signs USD 34mn deal to take full control of Albanian oilfield.

By bne IntelliNews April 4, 2011
Canadian-based oil and gas exploration company Bankers Petroleum has signed a USD 34mn deal to take full control of Patos-Marinza oilfield in Albania, the company said in a statement. Bankers Petroleum agreed to take over 140 active wells from state oil producer Albpetrol. The current production of the wells is 400 barrels per day (bpd). Albpetrol shall retain all liabilities and obligations for legacy environmental damages in the contract area. As of March 31, 2011, Albpetrol ceased all petroleum operations in the Patos-Marinza oilfield and contract area and Bankers Petroleum became the only operator of the oilfield. The agreement provides opportunity for accelerating field reactivation and development, reducing administrative processes, Bankers CEO Abby Badwi commented in the statement.

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