Oil production in Patos-Marinza oilfield has registered a steady pace, reaching about 162.000 tons from January to March 2021. The situation in international markets has improved significantly compared to a year ago as the Brent price has increased by about 20% compared to the same period of last year. Brent is currently at the level of about 68 USD per barrel.
During this period the daily oil production has reached 11,300 barrels a day.
In total, the company has generated over $51 million from oil production and sales. These revenues have been re-invested in the Patos-Marinza field in oil extraction operations.
This activity has also a substantial impact on the income for the state budget. According to Bankers, during the first quarter of this year, about $6.6 million in royalties were paid in taxes and customs, as well as pre-existing production for Albpetrol.
Currently, Bankers represent about 75% of the revenues that the Albanian state collects from royalties in the country.
Almost all the produced oil has been exported to European markets as the largest refinery in the country, in Ballsh, has stopped operations.
The company has been operating in Patos-Marinza, the largest oil field in continental Europe, since 2004 and has invested more than USD 3.5 Billion. Company representatives confirm that although Bankers has not yet recovered its investments, their plan is to continue making long-term investments in Albania, and thus the contribution to the local economy will remain high.
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