Northern firming up plans for Adriatic fields

Offshore staff

LONDON – Northern Petroleum is preparing to acquire 2D seismic data over two permits offshore eastern Italy.

The F.R39.NP and F.R40.NP concessions in the southern Adriatic Sea contain the Giove and Rovesti oil discoveries, with combined reserves estimated at more than 53 MMbbl. Northern has reviewed potential scenarios involving stand-alone developments with FPSOs.

Later in the year, the company also intends to commission two 3D seismic surveys over these two fields and other exploration prospects, which could hold collective resources of more than 1 Bboe, split equally between oil and gas.

Northern and its new partner Azimuth (15% interest) will seek to bring in further partners to assist with the developments and drilling of exploration wells.

05/27/2011



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