Most Sofia bourse indices tick higher, Shelly Group leads gainers
Romanian stock indices turn green, TTS shines
Ljubljana stock indices go down, Cinkarna Celje paces decliners
Romania’s Orsova shipyard in 2.6 mln euro deal with Dutch client
Serbia opens Morava Corridor motorway section - report
Nov 09, 2007 14:50 EEST
November 9 (SeeNews) - Canadian petrochemical company Bankers Petroleum cut its nine-month loss by 87% yea-on-year to $186,000 (127,000 euro) from $1.45 million, as sales in Albania rose strongly, the company said on Friday.
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.
Sales in Albania through September reached $4.48million, up by 42% on the year. The average daily production in the Balkan country rose in the first nine months to 4,704 barrels of oil per day (bopd), up by 44% on the year, the company said in its financial report.
“The average nine-month netback in Albania improved to $15.97 per barrel from $10.95 on the average for the same period last year,” the company said.
Bankers Petroleum drills the Albania's Patos Marinze onshore oilfield, in the south, through its wholly-owned subsidiary Saxon International Energy. In 2004, Saxon was granted a 25-year exploitation right on the oilfield by state-owned oil researcher, developer and producer Albpetrol. The licence allows Saxon to redevelop the oilfield which used to produce 13,000 barrels per day at its peak in the 1960s.
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, Bankers Petroleum signed an export contract with an Italian refinery.
“Approximately 55% of the Bankers Petroleum Albanian crude oil production was exported during the third quarter at an average price of $44.37 per barrel,” the company said.
The Patos Marinze oilfield, located in Fier, southern Albania, was originally discovered in 1926 and has over 2,500 wells drilled. It is one of the largest onshore oilfields in continental Europe in terms of original oil in place. It is estimated to contain 1.96 billion barrels of original oil in place, with proven and probable reserves of 99.7 million barrels of gross oil as of end-December 2005.
Last month Bankers Petroleum had completed the construction of a cyclical steam project in Albania, under its investment programme worth $213 million by 2010.
Bankers Petroleum's nine-month net operating income more than doubled on the year jumping to $19.52 million from $9.41 million, the company said in its financial report. Nine-month oil and gas revenue rose by 79% year-on-year to $40.04 million, while funds form operation rose to $14.06 million from $6.92 million.In September Bankers Petroleum started production and sale of crude oil in its oilfields in the U.S.
You have run out of free articles this month.
Sign up in for
and get ten (10) free articles per month or sign up for
and get unlimited access.
Browse our free newsletter options