Oil price to hit Bankers' Albania capex

Market: Crude oil
06/01/15

Canada-based Albania heavy crude producer Bankers' Petroleum said today that it is "carefully evaluating the economic return of each well ... on a regular basis" because of the "large amount of uncertainty around oil prices", which will "have an impact on the level of capital deployment.

Bankers produces from the 6-20°API Patos-Marinza fields in Albania. Average 2014 production was 20,687 b/d, 14pc up on 2013. Fourth-quarter production was 20,324 b/d.

Fourth-quarter sales of 20,619 b/d were 6pc down on the third quarter. Some 64pc of sales was exported.

The company said workover activity and production of marginal volumes will be managed according to the economic climate.

The Patos-Marinza crude fourth-quarter price of $57.31/bl was 75pc that of Brent, and was down from $78.55/bl in the third quarter.

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Oil price to hit Bankers' Albania capex

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