TIRANA (Albania), March 20 (SeeNews) - Canadian petrochemical company Bankers Petroleum reported on Thursday a 54% increase in its total proven and probable reserves thanks to its Albanian operations.
Bankers Petroleum is an oil and gas exploration and production company which drills the Albania's Patos Marinze onshore oilfield and oilfields in northern and central regions in the U.S. and in Canada. The bulk of its oil production is concentrated in Albania.
“The majority of the increase is attributable to the Patos Marinza oilfield in Albania that has 1,957 million barrels of oil equivalent (MMboe) of recognized oil-in-place. The increase is attributable to the continuation of well reactivations and a new well development program associated with Bankers three-year plan, which will be announced shortly,“ the company said in a statement.
Proven and probable reserves in Albania, according to Bankers Petroleum independent reserves evaluation, stood at 147.1 million barrels. In 2006 the company estimates for the Albanian reserves were 101,852 MMboe.
Exit production from the Patos Marinze reached last year 5,337 barrels of oil per day (bopd), up from 4,406 bopd in 2006, or higher by 12%.
The Kucova field reserves are not included in the new reserves estimates, the statement said.
Last month Bankers Petroleum bought 50% of Albania’s oil exploration and production company Privatco, with an option to increase its stake to 100%. Privatco holds the exclusive right to evaluate and develop the Albanian onshore oilfield Kucova.
Bankers Petroleum has a marketing agreement ending in 2010 with Albania's sole oil refinery, the state-owned ARMO, under which Bankers Petroleum sells the crude it produces to in-country refineries. Under the agreement, it is allowed to export part or all of its crude output to markets outside the country. In February 2007, Bankers Petroleum signed an export contract with an Italian refinery.
Last year’s net present value of reserves after tax is estimated at $3.17 billion (2.04 billion euro), versus $780.9 million in 2006.
($=0.6429 euro)
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