ROME -- Italy’s Parliament has approved and ratified Decree 83/2012, a new law designed to ease restrictions on the country’s nearshore E&P activities.
According to one of the affected investors, Mediterranean Oil & Gas, local press reports suggest the earlier restrictions of Decree 128/2010 will no longer apply to MOG’s offshore licences.
This should allow the company to seek award of a production concession covering the Ombrina Mare oil and gas field in the central Adriatic Sea, based on its previously submitted application of December 2008.
Another offshore investor is Dublin-based Petroceltic. CEO Brian O’Cathain said: “We are very pleased that the Decree has been approved and believe that the new law removes the existing uncertainty concerning exploration, development and production activities in Italian waters.
“We will now commence discussions with the relevant National and Regional institutions concerning the Elsa project, which we are committed to progressing to the benefit of all stakeholders in a safe and environmentally responsible manner.”