Albania Property - Real Estate Group

Canada-based Bankers Petroleum oil and gas, which operates exclusively in Albania, showed a 10.2% year-on-year rise in daily production at its Patos-Marinza oilfield in the fourth quarter to 7,230 barrels a day.

The average oil price for Patos Marinza increased to  to 45.10 USD/barrel, or 61% of Brent Crude, from 40.71 USD/barrel, or 60% of Brent, management said in a statement.

The company expects to drill 52 horizontal and four vertical wells this year as part of its $152 million 2010 capital program, set to be funded from operations, existing cash resources, and an unutilized $110 million in credit facilities.

The company completed two new contracts for its crude oil export arrangements with BP Oil International Ltd., UK, and Vitol S.A., Geneva, also renegotiating current agreements with two refineries in Italy.

Bankers is to build an additional 13,000 metric tonnes, or 80,000 barrels, of storage capacity at the Le Petrolifera Italo Albanese (PIA) terminal in Vlore, Albania, which is due for completion by September 2010, to facilitate larger oil shipments and possibly lead to the realization of higher oil prices, the statement said.

Source: Balkans.com Business News