Bankers Petroleum plans USD 247mn investments in Albania next year.

By bne IntelliNews December 11, 2012
Canadian-based oil and gas exploration company Bankers Petroleum plans to invest USD 247mn in Albania next year brining total investments in the country to over USD 1bn, the company said in a statement. The capital investment programme for 2013, which has already been approved by the board of directors, will be fully funded with funds generated from operations, Bankers said. The major part of next years expenditures will be allocated for funding the development of the Patos-Marinza oilfield. Some USD 159mn will be spent on drilling activities and USD 7mn on well reactivation. The company plans to drill up to 120 wells, mainly targeting production growth. The investment programme also envisages USD 68mn in capital allocated to facilities and infrastructure activities, including construction of additional satellite treatment facilities, planning of 35km oil pipeline route that will connect the central Fier hub loading facility to the Vlore Port export terminal as well as the expansion of the remediation program and water disposal capabilities. The 2013 budget includes USD 10mn for implementation of three waterflood and one polymer flood patterns, which will be expanded in 2014 and beyond. Bankers Petroleum will also spend USD 7mn on developing the Kucova oil field and USD 3mn for exploration works at Block F.
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