Petroceltic re-states case for appraisal drilling offshore Italy

Offshore staff

DUBLIN, IrelandPetroceltic has re-submitted its environmental impact assessment (EIA) for the Elsa-2 appraisal well in the Italian sector of the Adriatic Sea.

The well is designed to target an existing discovery holding 95 MMbbl of contingent resources. Petroceltic will have a 55% interest in the license.

The company says its main focus has been on HSE management and ensuring that the most up-to-date international safety standards are applied in full compliance with Italian regulations.

Drilling and well test programs have been refined and various risk management strategies reviewed to minimize potential environmental impact.

In the Bulgarian sector of the Black Sea, gas production from the company’s Galata, Kaliakra, and Kavarna fields averaged 24 MMcf/d (679,604 cm/d) during the first half of 2014. The gas was sold to state gas utility Bulgargaz and the Agropolychim fertilizer plant.

Recently there has been some water production from Kavarna and low reservoir pressures at Kaliakra, indicating a potential need for further investment to maintain planned gas output.

The Kavarna East field, discovered in 2010, is scheduled to come onstream in the second half of 2015 as a subsea tieback. Last year Petroceltic successfully applied for the field production concession and completed development planning and the procurement of the long lead time equipment.

The Galata concession may contain further exploration potential and is under assessment to identify new drilling opportunities.

09/17/2014

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