ROME – The Ministry for Economic Development in Italy has awarded Po Valley Energy an exploration permit in the Adriatic Sea.
The AR94PY concession (formerly designated AR168PY) is in shallow water and holds two connected gas discoveries, Carola and Irma. Both were drilled and tested by previous operator Eni.
Fugro Robertson has estimated combined gas resources in the range 22-24.8 bcf (623-702 MMcm). A final recovery estimate will be formalized on conclusion of the development plan.
Po Valley will purchase existing 3D seismic over the Carola and Irma structures and will start working on a field development program. Nearest infrastructure is an offshore production installation at the Eni-operated Pandora gas field.
Giovanni Catalano, managing director of Po Valley, said: “Po Valley will proceed immediately with the development planning and economic optimization necessary to support an application for a production concession license.”