LONDON – Italy’s Ministry of Economic Development has reopened Sound Oil’s applications for two of its offshore permits.
Both d150DR-CS (containing the Laura gas discovery) and d148DR-CS are in the Gulf of Taranto, offshore southern Italy.
Both permit applications were withdrawn by the Ministry in August 2011 in compliance with environmental decree 128/2010 enacted in June 2010 (this suspended oil and gas activity within a 5-nautical mile radius of the Italian coast).
A new Law 134/2012 published in August reverses this restriction.
James Parsons, Sound Oil CEO, said: “The Laura discovery is one of the ‘hidden gems’ in the company’s portfolio… The company intends to prioritize the appraisal and development of this material gas field.”