24.3 C
Supported byspot_img

Bankers Petroleum decreases output in Albania

Member of Europium Groupspot_img
Supported byspot_img

According to the statement from the company, Bankers Petroleum achieved a production average of 17,363 barrels of oil per day in the first quarter of 2016, which is 4 % lower than the average of 18,137 barrels of oil per day achieved in the last quarter of 2015.

In the first quarter of 2016, oil sales amounted to 17,280 barrels of oil per day on average, com-pared to the sales of 18,558 barrels of oil per day in the fourth quarter of last year. Average oil pare was approximately 21.07 dollars/barrel (representing 62 % of the Brent oil price), while in the last quarter of 2015 the price amounted to 33.62 dollars/barrel or 77 % of the Brent oil price. Crude oil inventory on 31 March showed that currently there are 266,000 barrels on stock, com-pared to 258,000 barrels on 31 December 2015.

Due to the low oil price environment, Bankers Petroleum decided to defer drilling activities at the start of the year in order to protect the strength of the company’s balance sheet. Drilling activities will resume as soon as oil pricing improves.

Supported byElevatePR Digital

Related News

Canada Nickel reveals initial resource estimate for Deloro project, underscoring Timmins District prospects

Canada Nickel has announced the initial mineral resource estimate for its Deloro nickel sulphide project, located in Ontario's Timmins-Cochrane mining camp. This estimate marks...

Resouro Strategic Metals unveils extensive resource estimate for Tiros titanium and rare earths project

Resouro Strategic Metals, a recent entrant into Brazil’s rare earths sector, has unveiled a significant resource estimate for its Tiros project located in Minas...

NMMC targets $1 billion investment in 2024 to expand gold production capacity

Navoi Mining and Metallurgical Combine (NMMC), the world’s fourth-largest gold producer and Central Asia’s largest gold miner, has announced an ambitious investment program for...

U.S. and Kazakhstan strengthen energy partnership at 2024 Strategic Dialogue in Astana

On July 18, 2024, the U.S. Department of State and the Department of Energy, in partnership with Kazakhstan’s Ministry of Foreign Affairs and Ministry...
Supported by
Supported by
Supported by
error: Content is protected !!