Po Valley awarded production license for Teodorico field

Po Valley Energy Ltd., Perth—with interests in northern Italy—has been awarded a preliminary production concession for its Teodorico gas field in the northern Adriatic Sea.

The field, which lies in the AR94PY license area, was found and held by Eni SPA in 25 m of water. It lies outside Italy’s 12 nautical-mile exclusion zone. The field has five wells already drilled and tested by Eni and comes with a full suite of 3D seismic coverage acquired by the former operator.

Po Valley will now commence the environmental approval process and expects to submit the appropriate documentation during first-half 2017.

When the government has approved the environmental impact assessment and a full production concession granted, Po Valley intends to drill two production wells, install a platform and connect Teodorico to Eni’s nearby Naomi Pandora offshore gas processing facility.

Development design, including well locations, is already complete. The company expects it will be able to move swiftly to commercial production.

Po Valley expects to finance the development with a farm-in partner experienced in offshore drilling.

Teodorico has 2C contingent resources of 47 bcf of gas.

Po Valley already operates two onshore gas processing plants in northern Italy where the company has also embarked on an onshore development and production program. It expects to bring Bezzecca gas field on stream in January 2017.

Did You Like this Article? Get All the Energy Industry News Delivered to Your Inbox

Subscribe to an email newsletter today at no cost and receive the latest news and information.

 Subscribe Now


Revolutionizing Asset Management in the Electric Power Industry

With the arrival of the Industrial Internet of Things, data is growing and becoming more accessib...

Shell Leverages Data to Transform from Reactive to Predictive Operations

This 6-page report describes how Shell engaged in a massive project with OSIsoft to transform the...

Selection, Use, Care and Maintenance of FR Clothing

For industries operating in an inherently dangerous environment, the importance of selecting the ...

Evolution or Revolution: IT / OT convergence means a world of possibilities

The oil and gas industry is experiencing a rapid paradigm shift in regards to digital transformat...