An Albanian Success Story , Bankers Petroleum Ltd. and Patos – Marinza oilfield.

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The Patos-Marinza field is located east of the city of Fier in south central Albania. This 44,000-acre heavy oil field is the largest onshore oil field in continental Europe holding approximately 7.7 billion barrels of original oil in place. It was discovered in 1928 by APOC ( Anglo Persian Oil Co.) and the production began  in 1939. The field has been operated by a large number of state and private companies until it was given in 2004 to Bankers Petroleum Ltd. a Canadian based oil company. Bankers operates and has the full rights to develop the Patos-Marinza heavy oilfield  pursuant to 25 year license agreements with the Albanian National Agency for Natural Resources (AKBN) and a Petroleum Agreement with Albpetrol Sh.A (Albpetrol), the state owned oil and gas corporation.

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Ten years have passed since Bankers started developing the field and many changes have occurred. When they brought their team of experts and new technologies the field was quasi abandoned due to lack of investments and proper management. Production at that time was 400 barrels per day but with persistence, international expertise and latest technology, production in the first year increased up to 6,000 BOPD. This came as a result of reactivation of legacy vertical wells, by replacing pumpjacks with progressing cavity pumps systems and foamy oil production. Many companies would be satisfied with this level of production, but this wasn’t the case for Bankers. They had bigger plans for development by pioneering new methods of extraction in Albania. Starting a horizontal drilling program for first time, they made a difference in Albanian oil sector. All these technological implementation were preceded by a successful enhanced oil recovery program using polymer and water flood. Today production is over 20 000 BOPD  and has a trend of sustainable annual growth of 10% to 15 % .

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Reserves and Financial Overview Bankers Petroleum reported proved reserves (1P) of 147 million barrels of oil, and proved plus probable (2P) reserves of 232 million barrels of oil, an increase of 5% and 3% respectively, in 2013.Bankers Petroleum is the biggest foreign investor in Albania with 1.4 $ Billion invested since 2004.Over the past 10 years that Bankers has operated in Albania, the Company has paid approximately $390 million in Royalty Tax payments to the Government of Albania, $86 million in 2014 alone.

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Environmental impact. Absence of environmental policies and use of old technology for 75 years had left Patos –Marinza field in a polluted environment with oil contamination surrounding wells. Clean up of more than 6000 leases, application of eco friendly techniques including “zero tolerance” on methane emissions, eco pits and sludge treatment facilities have cost more than $ 20 million. All these investments have rehabilitated the environment and have improved life quality of citizens living in nearby areas.

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source: www.bankerspetroleum.com

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Rakip Belishaku

Bsc Petroleum Engineering . President of Polytechnic University of Tirana SPE Student Chapter. YoungPetro ambassador in Albania.

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