Bankers Petroleum

Bankers Petroleum Albania, (formerly Saxon International Energy Ltd. ) - originally owned by the Canadian oil and gas exploration and production company "Bankers Petroleum Ltd", - in 2004 signed a 25-year agreement with the Albanian state, through the Albanian National Agency of Natural Resources and the state oil and gas company Albpetrol, for the management and exploitation of the Patos-Marinza heavy oil field, located in the south-central region of Albania - the largest onshore oil field in continental Europe. It also acquires the Kuçova light oil field, 30 kilometres east of Patos-Marinza, as well as an exploration licence in "Block F", an area of 185,000 hectares adjacent to the Patos-Marinza field with potential for natural gas. By 2006, Bankers Petroleum had received a $20 million (€15.6 million) loan from "Raiffeisen Bank" to develop the oil field - the largest loan ever made by a local bank in Albania. In 2008, Bankers Petroleum spun off its North American assets as BNK Petroleum, named "Bankers Petroleum Albania Ltd", and commenced vertical and horizontal infill drilling, and waterflood development to significantly increase oil production and reserves. Seeking international financing for the development of its operations, in 2009 receives funding from the International Finance Corporation (IFC) and the European Bank for Reconstruction and Development (EBRD) up to USD 230.8 million.

In January 2016, the Energy Ministry announced Albania's intention to renegotiate its contracts with all oil companies with a view to reducing the margin of tax-free spending. In the context of this decision, Banker's Petroleum opted to sell its shares to the Chinese oil and gas company Geo-Jade Petroleum in March 2016. Upon receiving approval from the State Administration of Foreign Exchange (SAFE) in October 2016, the Chinese company proceeded to acquire all of Bankers' issued and outstanding common shares through its subsidiaries for approximately $575 million.