Italian authorities are starting to actively progress offshore permit approvals that have been outstanding for some years, according to an operator in the region.
Northern Petroleum's CEO made the comments after the company was awarded two exploration permits in Italy, one onshore, in the Po Valley and the other, and C.R149.NP, offshore in the Sicily Channel, adjacent to the Northern Petroleum operated permit C.R146.NP.
The permit C.R149.NP was applied for in order to encompass an extension of the Vesta prospect, mapped within the company's adjacent C.R146.NP permit.
Northern Petroleum has evaluated the Vesta prospect to have a larger structure than the Vega oil field, which lies on trend to the northeast. The company will now seek a partner to join in the drilling of the Vesta prospect.
Keith Bush, Northern Petroleum's CEO, said: "The award of these permits demonstrates that the administration in Italy is now actively progressing with approvals that have been outstanding for some years. The company now looks forward to making progress with other outstanding applications and approvals, especially those in the Southern Adriatic, which we believe hold the greatest potential for the company in Italy."
Northern Petroleum also announced today it had sold its UK onshore assets to IGas.