Bankers Petroleum Company has deterred the amount of petroleum produced by the company due to the low record prices of oil in the international market. Official sources from the company say that experts are evaluating and calculating the volume of every oil well in the field, since the decrease of prices poses risk for the company.
On November, Bankers decided to close the production in several oil wells which had a high level of water due to the reduction of water absorption capacities after a damage caused at one of the injection pumps. The company has also announced that production increased by 14% during 2014, by producing 20.687 oil barrels per day, much more than the amount of oil barrels produced in 2013.
Oil production in Patos Marinez and Kucove areas deterred during the last quarter of 2014 where the average sales of oil were no more than 20.619 oil barrels per day, 6% less than the average of the previous quarter of 21.992 oil barrels per day. The decrease of production came along with a relatively high price decline, by 27%. During the third quarter of 2014, an oil barrel was sold for $78.55 and in the last quarter of the past year price declined to $57.31.
Bankers Petroleum is a Canadian oil production company whose shares, according to Bloomberg news agency, declined to $3 in the Toronto stock market in August 2014, while in August 2013 the price of Bankers’ shares was up to $6. The price decline was affected by the current situation of record oil price decline in the last months in all stock markets worldwide.
News source/photo credits: ATA