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Bankers Petroleum resumes group to prolong its own production cut, 54 companies today thanks to attractive
the Nordic country’s energy minister said
prices and tariffs, according to Naftogaz.
oil production in Albania on June 18. being 76% full, Ukraine’s gas storage is
“With European gas storage facilities
Norway, which is not part of the
The largest oil producer in Albania, Chinese- OPEC+ group, has said it would cut its gaining momentum. Last year, only seven
owned Bankers Petroleum, has resumed oil production by 250,000 barrels per day foreign companies used Ukraine as a
operations following a suspension of almost a (bpd) in June and by 134,000 bpd in the storage option, compared with as many as
month due to the coronavirus pandemic, local second half of 2020. 54 companies today,” energy analyst Maria
media reported on July 24. “There are signs that the market is Shagina said in a tweet.
Nearly 95% of the wells in the Patos- stabilizing more rapidly than had seemed
Marinza oil field have restarted operations, the case a few months ago,” Minister of
producing about 2,050 tonnes of crude per Petroleum and Energy Tina Bru said Aker BP cleared to drill two
day, Albanian Daily News reported. during a video conference with energy
The company plans to produce about companies. Norwegian wells
60,000 tonnes of oil in June, the daily North Sea oil futures rose to around
quoted Luntao Chen, deputy director $41 per barrel on June 18, more than The Norwegian Petroleum Directorate (NPD)
general at Bankers Petroleum, as saying. doubling from April, when prices crashed has granted Aker BP a drilling permit for two
Bankers Petroleum began to operate as global demand dropped sharply amid wells located in the Norwegian Sea.
in Albania in 2004. In 2016, the company the coronavirus crisis. According to the NPD’s statement on
was acquired by Chinese exploration OPEC producers and their allies meet June 24, the two wells – 6607/12-4 and
and production corporation Geo-Jade on June 18 to discuss their strategy after 6607/12-4 A – will be drilled from the
Petroleum for a total consideration of agreeing on June 6 to extend a record Odfjell Drilling-owned Deepsea Nordkapp
CAD575mn ($423mn). 9.7mn bpd cut through July. semi-submersible drilling rig.
Bankers Petroleum generates all of its oil Norway’s oil minister, however, said The Deepsea Nordkapp rig is under a
revenue in Albania, where it operates and Western Europe’s largest crude producer two-year firm contract with Aker BP, which
has the full rights to develop the Patos- was not considering making deeper cuts, is scheduled to expire in May 2021.
Marinza oilfield, has a 100% interest in and sticking to its previous plan. Aker BP also last December exercised
the Kucova oilfield, and a 100% interest in “It is, of course, possible to end it earlier its first one-year option under the rig’s
exploration Block F - all of them situated in if that becomes expedient ... but the cuts contract.
the southwestern part of the country.. have only just begun and the plan is to The drilling programme for well
keep them until the end of the year,” Bru 6607/12-4 relates to the drilling of a wildcat
said. well and appraisal well 6607/12-4 A in
Italy’s May oil products use production licence 127 C.
Aker BP is the operator of the licence
up 36% Gas storage in Ukraine with an ownership interest of 88.1% per
cent and the other licensee is PGNiG
Italy’s oil products consumption in May soars as gas glut grows Upstream Norway with the remaining
stood at 3.64mn tonnes, up 36% from April 11.9%.
as lockdown measures ease but still 28.5% The number of foreign companies that The area in this licence consists of part of
below year-earlier levels, official data store gas in Ukraine’s extensive reservoirs block 6607/12. The well will be drilled about
showed on June 17, according to Reuters. and the amount being stored this year 7 km northeast of the 6607/12-2 S Alve
Gasoil and diesel consumption stood have both soared as the gas glut on the Nord discovery.
at 1.62mn tonnes in May, up nearly 46% European market continues to grow. Production licence 127 C was carved out
from April but 28.7% below last May, the European natural gas traders are from production licence 127 on 27 March
ministry of economic development said. storing more gas than ever in Ukraine as 2017 and this is the first well to be drilled in
Gasoline consumption stood at 367,000 sites closer to home are rapidly filling up. the licence.
tonnes, 124% higher than April but some Storage sites on the continent, ranging
40% lower than last year. from old salt caverns to huge overground
Jet and kerosene consumption of 71,000 tanks, are fuller than normal after two UK well specialist enters
tonnes was up 137% from April but 83.5% mild winters and the plunge in demand
below levels a year earlier.. caused by the coronavirus (COVID-19) Norway
pandemic. The unprecedented glut means
prices are languishing near record lows. Aberdeen-headquartered Exceed, a
Norway not thinking of companies tripled in June 2020 to 2.8bn well management and performance
Gas stored in Ukraine by foreign
improvement specialist, has established a
deepening oil output cuts cubic metres compared with the same Norwegian subsidiary, Exceed Norge.
Exceed said on June 24 that the
period in 2019.
Norway is not planning to deepen its oil Last year, only 7 foreign companies used Stavanger-based subsidiary is headed up
output cuts after a decision by the OPEC+ Ukrainian storage facilities, compared with by Managing Director, Mike Simpson,

Week 25 25•June•2020 www. NEWSBASE .com P19