Proved reserves of Patos Marinza oil field in Albania down 20% in 2012.

By bne IntelliNews February 26, 2013
Canadian mineral exploration company Bankers Petroleum said proved reserves at Albania's Patos Marinza oil field decreased by 20% y/y to 134.3mn barrels at the end of December 2012. Proved and probable reserves dropped by 16% y/y to 212.2mn barrels, and proved, probable and possible reserves were down by 16% y/y to 322.7mn barrels, the Canadian company informed in a press release. Reserve volumes have been adjusted to reflect reduced recoverable oil booking in non-core area extensions of the field where drilling to date has been limited, the company said. It has produced an annual 5.45mn barrels (4.1% of total proved reserves) in full-2012. The net present value of the proved reserves after income tax, forecast at a discount to Brent oil, is estimated at USD 921mn, down by 7% on the year. The net present value for proved and probable reserves reached USD 1.71bn (USD 1.85bn at end-2011) and for proved, probable and possible reserves stood at USD 2.6bn (USD 3.23bn at end-2011). Kucova oil field, which is also operated by Bankers Petroleum, has 3.4mn barrels of proved reserves, 11.9mn barrels of proved and probable and 33.4mn barrels of probable and possible reserves. The independent reserves evaluation report was conducted by Canadian companies RPS Energy for Patos-Marinza oilfield and by DeGolyer and McNaughton for the Kucova oilfield.

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