December 20, 2011 / 5:59 PM / 7 years ago

Bankers eyes 30 pct more Albania oil output in 2012

TIRANA, Dec 20 (Reuters) - Canada’s Bankers Petroleum plans to spend $215 million dollars at its Albanian oilfield in 2012 and eyes a 30 percent year-on-year growth in output there, Bankers said on Monday.

“With five drilling rigs and a drilling budget of $131 million, the Company intends to drill a total of 100 horizontal and vertical wells,” Bankers said a in statement.

This year Bankers said its 75 horizontal wells had turned into “the heart of Bankers’ growth” and it estimated its annual average production would be 16,000 bopd.

Bankers’ drilling will aim to boost production and target new reserves and “potential oil accumulation within the concession area where no reserves have been booked to date”.

“Reactivation of old vertical wells will continue with an $18 million budget to reactivate up to 60 wells in 2012,” Bankers said.

“With this drilling and reactivation program the Company expects to achieve 30 percent year-over-year growth from its 2011 production average and expects significant reserves growth by the end of 2012,” Bankers added.

Bankers and other companies started working in Albania after signing production-sharing or concessions with the state-owned Albpetrol oil company, which Albania intends to sell next year.

The Energy Ministry said these contracts will remain valid after the sale of 100 percent of Albtpetrol’s shares. (Reporting By Benet Koleka; Editing by Hans-Juergen Peters)

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