Bankers Petroleum completes construction of thermal steam project in Albania
Thursday, October 25, 2007
Bankers Petroleum has completed the construction of its thermal steam project in Albania and testing and steam injection has started. Bankers said the objective of these tests was to learn the reservoir response in relation to its modelling, and to implement the steaming techniques under field conditions.
The completion of tests is expected to lead to a pilot project with newly drilled wells on a pattern for cyclic steam injection in late 2008 and subsequent steam flooding.
Richard Wadsworth, president of Bankers said: “This is an important first step in our drive beyond primary recovery techniques towards capturing additional reserves and production. Every one percent additional recovery on this 2.0 billion barrel OOIP resource will be important in terms of volumes and value to the company and our shareholders.”
In September, Bankers commenced sales to a third export refinery, providing increased revenue and cash flows. Bankers has continued to improve on the export price of the Albanian crude, which has significantly increased netback and offset the impact of lower than anticipated production growth. Construction of the central treatment facility was completed in October, providing additional storage and treatment ability for the company's heavy oil. It will assist in streamlining the treatment and transportation process.
Production from the Patos Marinza oilfield averaged 5,000 bopd in September. While new production has been brought on stream as anticipated through ongoing well re-completions, unexpected decreases have resulted in production remaining flat over the past quarter. As a result, the company said it did not anticipate meeting its 2007 average and exit production targets. It added that it expected slower growth in the fourth quarter and would not provide new guidance until the situation was further analysed over the coming months.
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