By Benet Koleka
TIRANA, July 19 (Reuters) - Bankers Petroleum Ltd. producedalmost a fifth more crude oil from Albania's Patos Marinza oilfield in the first half of 2019 than in the same period lastyear, despite what the Chinese-owned company called a"challenging" period.
The company, which operates Patos Marinza, the largestonshore oil field in continental Europe according to theAlbanian Energy Association, produced 15,059 barrels of crudeoil per day in the first six months of the year, an 18 percentincrease on the first half of 2018.
"We navigated the volatile and competitive heavy oilcommodity markets and maintained a firm footing as a business,"Xingyun Sun, president and CEO, said, in a statement on Friday.
"At the same time, we were able to increase our crude oilproduction and revenue."
Investments by Bankers and exploration by Royal Dutch ShellUnit Shell Upstream Albania B.V. -- whose tests indicate a flowpotential of several thousand barrels of oil per day from itsShpirag 4 well in central Albania -- have revived hopes the oilindustry could boost the economy of one of Europe's poorestcountries, a member of NATO seeking to join the European Union.
Bankers began exploration in Albania in 2004 and was boughtby China's Geo-Jade Petroleum Corp in 2016 for C$575 million(US$442.34 million) from its then Canadian owners. The companyhas since moved its headquarters from Calgary to Fier, in thesouth of the country.
Revenue edged up to US$146 million in the first half of 2019from US$122.8 million in the same period of 2018, Bankers said,with total expenditure amounting to US$126 million.
Bankers said it had continued to build pipelines in thefield, the only place where it operates, to reduce truckingactivity, and more pipeline projects were being developed.
Bankers is running three rigs and drilled 49 new wellsbetween January and June this year, 35 more than in the firsthalf of 2018. It said its goal was for 38 more new wells by theend of December.(Reporting by Benet Koleka; Editing by Kirsten Donovan)
