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Bankers Petroleum Resumes Oil Production in Albania -Report

The largest oil producer in Albania, Chinese-owned Bankers Petroleum, has resumed operations following a suspension of almost a month due to the coronavirus pandemic, local media reported on Wednesday.

Nearly 95% of the wells in the Patos-Marinza oil field have restarted operations, producing about 2,050 tonnes of crude per day, Albanian Daily News reported.

The company plans to produce about 60,000 tonnes of oil in June, the daily quoted Luntao Chen, deputy director general at Bankers Petroleum, as saying.

Bankers Petroleum began to operate in Albania in 2004. In 2016, the company was acquired by Chinese exploration and production corporation Geo-Jade Petroleum for a total consideration of 575 million Canadian dollars ($423 million/375 million euro).

Bankers Petroleum generates all of its oil revenue in Albania, where it operates and has the full rights to develop the Patos-Marinza oilfield, has a 100% interest in the Kucova oilfield, and a 100% interest in exploration Block F - all of them situated in the southwestern part of the country.

(SeeNews, June 24, 2020)


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