Located in the Adriatic Sea off Italy’s eastern coastline and within the AR94PY license area, the 47 billion cubic feet (bcf) Teodorico gas field is said to be the primary source of domestic gas production for the European country.
Po Valley said that the Teodorico gas field is a former ENI gas discovery with five wells drilled and tested and full 3D seismic coverage available through the latter company’s prior operations.
The company said that the concession award allows it to more rapidly commercialize the gas field.
Po Valley chairman Michael Masterman said: “Following this award, we expect to very substantially increase the proven gas reserve base of the Company by being able to convert the existing 2C (contingent) resources of 47bcf into 2P proven reserves.
“Grant of this preliminary production concession and then the full concession is a very significant milestone as it allows the Company to move directly from drilling the two production wells and connecting to the existing ENI processing facility, to gas sales and commercial production.”
The firm said that the preparation of environmental impact assessment (EIA) documentation is advanced and will be submitted in the first half of 2017.
Po Valley CEO Sara Edmonson said: “The importance of this award should not be underestimated as it has the potential to significantly reduce the time to first gas from this game-changing field.”
In July 2012, Po Valley secured its first offshore exploration permit, AR94PY, in the shallow waters of the Adriatic Sea.
