Bankers Petroleum unphased by tax change
The logo of Bankers Petroleum Ltd. is shown. THE CANADIAN PRESS/HO
CALGARY - Bankers Petroleum Ltd. (TSX:BNK) says it's in discussions with the government of Albania about tax changes that came into effect Jan. 1.
Hydrocarbon producers in Albania, where Bankers has its main operations, are no longer exempt from a 20 per cent value-added tax.
But the Calgary-based company says legislation passed on Dec. 28 also contains provisions for producers to be fully reimbursed for the tax.
Bankers Petroleum says it expects Albania's new tax regime will have minimal impact on its business.
It says the company's Patos-Marinza oilfield in Albania produced an average of 19,303 barrels of oil per day in the fourth quarter.
Average production from the Albanian field for 2013 was 18,169 barrels of oil per day, up 21 per cent from the previous year.