Oil production from Albanias Patos-Marinza field up 7% q/q in Q2 2011.

By bne IntelliNews July 6, 2011
The average oil production from Albanian Patos-Marinza oilfield rose by 7% q/q to 12,973 barrels of oil per day (bopd) in the second quarter of 2011, the oilfields operator Canadian-based Bankers Petroleum said in a statement. Despite the increase, the output was by 1,200 bopd lower than second-quarter forecast, due to higher-than-normal volume of shut-in production as well as a delay in drilling rig activities. This resulted in downward revision of the annual exit production target to 18,000 bopd in likely case and 16,000 bopd in a low case, down from 20,000 initially projected. The current exit production stood at 13,150 bopd. The average oil price per barrel in Q2 was USD 77.02, representing 66% of the Brent oil price, compared to USD 68.06 in Q1 2011 (65% of the Brent oil price). Bankers plans to drill 79 horizontal wells and complete 82 well reactivations in 2011. The fifth drilling rig is expected to be ready for drilling operations in October 2011.
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