Thursday, March 31, 2011

Bankers Petroleum Takes over Albania Oil Field

For a brief moment, I though that BP was British Petroleum, but, no, so read on...

31 Mar 2011 / 17:23
Bankers Petroleum Takes over Albania Oil Field

The Canadian-based oil company Bankers Petroleum announced on Thursday a $34 million (€24.64 million) deal with Albania’s state-owned oil producer Albepetrol to take over the wells in the Patos-Marinza oil field.

“While Bankers’ Petroleum agreement provided the rights to take over these wells over an extended period of time, this new agreement provides Bankers the opportunity to be the sole operator of the field, accelerating field reactivation and development, reducing administrative processes, and halting produced water disposal from Albpetrol’s production facilities into surface drainage canals,” Abby Badwi, Bankers’ President and CEO, said in a statement.

The deal would accelerate the takeover of production and royalty payments for all remaining Albpetrol active well production and also the expansion of the project area and development plan to include all of the contract area of the Patos-Marinza oilfield concession.

Effective March 31, 2011, Bankers will become the sole operator and Albpetrol will cease to conduct petroleum operations in the Patos-Marinza oilfield and contract area.

Albania’s Minister of Trade and Energy Nasip Naço praised the agreement, stressing that Bankers had played an important role in developing Albania’s oil sector.

"We have been very pleased with the way that Bankers Petroleum has developed the Patos-Marinza oilfield and recognise the beneficial impact on the government of Albania and its citizens as a result of the significant capital investment being made,” Naço said.

“This transaction, done in accordance with the existing petroleum and license agreements, will allow for the entire Patos-Marinza oilfield to benefit from the production and environmental improvements that Bankers has already demonstrated," he added.

Bankers Petroleum is an oil and gas exploration and production company focusing on opportunities in unconventional petroleum assets and is the single largest foreign investor in Albania.

The company operates and has the full rights to develop the Patos-Marinza heavy oilfield in south central Albania, which is believed to hold about two billion barrels of oil.

The 44,000 acre field, located east of the city of Fier, is the largest onshore oilfield in continental Europe, based on the amount of oil the site holds.

In Albania, Bankers also operates and has the full rights to the Kucova heavy oil fields.

1 Comments:

At January 6, 2012 at 1:32 AM , Blogger   fuelcentral said...

I like your post you provide some great info to us like Albania’s Minister of Trade and Energy Nasip Naço praised the agreement, stressing that Bankers had played an important role in developing Albania’s oil sector.

Back Office Software

 

Post a Comment

Subscribe to Post Comments [Atom]

<< Home