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

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

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.

albania-map

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 % .

albanian-oil-site-worker_1

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.

oil facility Bankers

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.

Patos - Marinza

source: www.bankerspetroleum.com

www.ogj.com

oilandgas-investments.com

www.rigzone.com

www.nasdaq.com

image source : www.bankerspetroleum.com

New oil discovery in Albania by Shell, Petromanas

9 December, 2013 News 1 comment
New oil discovery in Albania by Shell, Petromanas

After 17 month drilling period Shell and Petromanas Energy Inc announced that their first drilled well Shpiragu 2 resulted   with flow rates of 1,500 to 2,200 barrels per day of oil equivalent (800 to 1,300 barrels per day of 35 to 37 degree API oil and 2 to 5 mmcfd of gas) observed during the test period. PMI and Shell also believe they have identified an 800 meter oil column in fractured carbonate reservoirs at the Shpiragu structure, but were only able to test 400 metres due to drilling setbacks. The cost of the 5,553 meters  exploration well reached $75 million.

Petromanas is a small Canadian company who was able to attract Dutch Royal Shell as a joint venture partner on Albania’s Blocks 2-3 in February, 2012. In the beginning of partnership Shell owned 50 % of  Block 2-3 and later on 2013  75 % while Petromanas holds the remaining  25 % and operatorship.

This discovery is considered  very important for Albania since it is the greatest Oil discovery in the last 20 years and it is a good quality light oil,  while  Albanian crude is usually heavy and highly sulphurous (6°  to 22° API crude oil).

Petromanas and Shell continue drilling the Molisht-1 prospect to the Southeast of Shpirag-2. The Molisht-1 well was spud August 20, 2013 and is currently at a depth of approximately 1,400 hundred meters on its way to a targeted approximate depth of 5,500 metres. Drilling operations are scheduled to take 9 months from the initial spud (Roughly May 20, 2014), to be followed by testing.

photo-11

Sources :

http://www.petromanas.com

http://www.top-channel.tv

http://www.reuters.com

http://www.ceo.ca

Photo :

http://www.petromanas.com