Albania: Bankers Petroleum revenues reached 33 million dollars in Q1

24. May 2016. / SEE Energy News

In the first quarter of 2016, oil sales amounted to 17,280 barrels of oil per day on average, compared to the sales of 18,558 barrels of oil per day in the fourth quarter of last year. Crude oil inventory on 31 March showed that currently there are 266,000 barrels on stock, compared to 258,000 barrels on 31 December 2015.

Canadian Bankers Petroleum recorded total revenues in the amount of 33 million dollars (21.04 dollars per barrel) in the first quarter of 2016, compared to 57 million dollars (33.31 dollars per barrel) in the previous quarter and 72 million dollars (39.66 dollars per barrel) in the first quarter of 2015.

Field price realization represented 62 % of the Brent oil benchmark price (33.94 dollars/barrel) in the first quarter of 2016, compared to 76 % of the Brent oil benchmark price (43.76 dollars/ barrel) in the previous quarter and 74 % of the Brent oil benchmark price (53.94 dollars/barrel) in the first quarter of 2015.

Net operating income in the first quarter stood at 3 million dollars, compared to 23 million dollars in the last quarter of 2015 and 25 million dollars in last year’s first quarter.

Royalties to the Albanian Government and other related entities during the first three months of this year amounted to 4 million dollars (13 % of revenues), compared to 7 million dollars (13 % of revenues) in the previous quarter and 10 million dollars (14 % of revenues) in the first quarter of 2015.

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 and 12 % lower than the average production in the first quarter of 2015.

In the first quarter of 2016, oil sales amounted to 17,280 barrels of oil per day on average, compared to the sales of 18,558 barrels of oil per day in the fourth quarter of last year. Crude oil inventory on 31 March showed that currently there are 266,000 barrels on stock, compared to 258,000 barrels on 31 December 2015.

Production in the second quarter to date 16,704 barrels of oil per day, which is 3.5 % lower than the average in the first quarter of this year, transmits Serbia-energy.eu

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