Bankers Petroleum allocated $86 ml to the state budget during 2014

Bankers Petroleum allocated $86 ml to the state budget during 2014

Bankers Petroleum oil company has increased its revenues according to statistics published by the company for the performance shown in the past year. The Canadian owned company allocated to the Albanian state budget about $86 million as mining rent during 2014, equal to 15% of the total of company’s revenues.

Bankers Petroleum announced that for 2014, company’s revenues were estimated to be $583 million and the hydrocarbons’ production increased by producing 20.690 barrels of oil per day and selling 20.679 bopd.

This amount of oil production has increased by 14% compared to the average production in 2013, say official figures. One key indicator that helped the company in making a positive performance in the past year has been the increase of the capital investments, which were estimated about $291 million.

On November 2nd of the past year, the Council of Ministers ratified an agreement reached between Bankers Petroleum oil company and the Albanian government on the fiscal changes made in 2014.

Sources from Bankers Petroleum say that “the conditions have been approved by Albpetrol and the National Agency of Natural Resources and this agreement predicts the deduction of excise and circulation taxes of the company.” According to company’s experts, the agreement serves in the maintenance of a strong fiscal balance of the company and the continuity of investments in the future.

Bankers Petroleum initiated the exploitation of 59 oil wells in Arrez area in the city of Kucove in August 2014. During the past year, the company has reactivated three oil wells and has drilled the first horizontal well in this field.

News source/photo credits: ATA

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