Shell to gain operatorship of six exploratory permits offshore Italy

Source: Northern Petroleum

Northern Petroleum (AIM:NOP) has applied to the Italian authorities for the transfer to Shell (NYSE:RDS-A) (NYSE:RDS-B) the role of Rappresentante Unico (Operator) for six permits offshore west of Sicily; G.R17.NP, G.R18.NP, G.R19.NP, G.R20.NP, G.R21.NP and G.R22.NP -- located in the thrust and fold belt to the west of Sicily

The transfer would enable Shell to progress work required to apply for drilling approvals in advance of the final decision as to whether an exploration well is to be drilled in the permits. The joint venture is currently finalizing the subsurface evaluation.

Northern has acted as Operator of the permits during the 2D and 3D seismic phases of the exploration program, the costs of which were met by Shell.

Under the terms of the farm-in agreement Shell holds 55% in G.R17.NP, G.R18.NP, G.R19.NP and 70% in G.R20.NP, G.R21.NP and G.R22.NP, with NPUK holding the remaining equity interest in the permits.



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

Whitepapers

Logistics Risk Management in the Transformer Industry

Transformers often are shipped thousands of miles, involving multiple handoffs,and more than a do...

Secrets of Barco UniSee Mount Revealed

Last year Barco introduced UniSee, a revolutionary large-scale visualization platform designed to...

The Time is Right for Optimum Reliability: Capital-Intensive Industries and Asset Performance Management

Imagine a plant that is no longer at risk of a random shutdown. Imagine not worrying about losing...

Going Digital: The New Normal in Oil & Gas

In this whitepaper you will learn how Keystone Engineering, ONGC, and Saipem are using software t...

Latest PennEnergy Jobs

PennEnergy Oil & Gas Jobs