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Banker Petroleum on Monday raised the estimate of its oil reserves to 172 million barrels, a 43 per cent increase from the last estimate in December, 2010.
“The 2011 reserves growth is primarily attributable to continued implementation of horizontal drilling and expansion of field development”, the company said in a statement.
The total net value of Bankers' proven reserves of oil in Albania now is estimated at $1 billion.
Bankers Petroleum is an oil and gas exploration and production company focusing on opportunities in unconventional petroleum assets and is the single largest foreign investor in Albania.
The company operates and has the full rights to develop the Patos-Marinza heavy oilfield in south central Albania, which is believed to hold about 2 billion barrels of oil.
The 44,000 acre field, located east of the city of Fier, is the largest onshore oilfield in continental Europe, based on the amount of oil the site holds.
In Albania, Bankers also operates and has the full rights to the Kucova heavy oil fields.
Donors spent hundreds of thousands of euro building a new museum in Gjirokastra - but the results were questionable and it ultimately closed over an ideological dispute.