Bankers Petroleum Ltd has to announce the initiation of a study for a thermal enhanced oil recovery (EOR) pilot project in Albania.
The Company's Albanian strategy for 2006 has been focused on continuing to build production through the effective take-over and redevelopment of wells from Albpetrol Sh.A, the state owned oil company. Bankers' activities to date have increased current production to approximately 4,200 bopd, with the goal of reaching 10,000 to 15,000 bopd in three to four years.
The Patos Marinza field life is expected to be 25 years under the current Plan of Development, which represents a total incremental oil recovery of approximately 5 to 6% to Bankers of the total field resources of approximately 2 billion barrels of original oil in place. Total field recovery utilizing primary production techniques is thus estimated to be approximately 10 to 12%, including the previous production by Albpetrol.
Bankers has initiated a scoping study for an EOR project in Albania to further improve total recovery to the Company. A specialized EOR team has initiated the evaluation, economic analysis and modelling of a thermal pilot project for the southern part of the field. While EOR recovery techniques have been shown to have the ability to improve oil recoveries to 20 to 40%, it is not known at this time what the total potential impact could be on Bankers' Albanian reserves. The approvals required to proceed with this project are expected prior to year-end.
"We're excited to be moving forward with this important step in the next phase of development of our heavy oil project in Albania," said Richard Wadsworth, President. "A successful EOR project could result in increased reserves for the Company, as well as an increase in total production above the current 15,000 bopd production target."