Australia-based explorer Po Valley Energy has been awarded a preliminary Production Concession for the 47 Bcf offshore Teodorico gas field in the northern Adriatic Sea – offshore Italy.
The Teodorico gas field, within the AR94PY license area, is a former Eni gas discovery with five wells drilled and tested and full 3D seismic coverage available through Eni's prior operations.
The field is in the shallow (~ 25m) waters of the Adriatic Sea off Italy’s eastern coastline, and is outside a current 12-mile exclusion zone.
Po Valley has also been invited by the Ministry of Environment to commence the environmental approval process for Teodorico. Preparation of Environmental Impact Assessment (EIA) documentation is advanced and will be submitted in the first half of 2017.
Following EIA approval and the grant of a full production concession, PVE will move to drill two production wells and then connect the gas field to Eni's Naomi Pandora offshore gas processing facility. A feasibility study and development design, including well locations, is already complete.
Po Valley Chairman, Michael Masterman, said: “The awarding of this preliminary offshore concession allows Po Valley to more rapidly commercialize this very valuable gas field.
Masterman said planning was well advanced to take the field into production. The company has 3D seismic across the Teodorico (d.40.AC-PY) development area and the locations for the well sites and platform have been identified. PVE expects to finance the development of the field with a farm-in partner experienced in offshore drilling.