Oz Po Valley Updates on Italian Operations
Australia-listed Po Valley Energy expects grant of new northern Italy gas production concessions by early next year, it said October 31 in a statement.
“The team has made good progress with final environmental approval documentation for the Selva and Teodorico gas field developments being submitted. We expect to proceed to final grant of production concessions in the New Year,” Po Valley CEO, Michael Masterman, said. “In addition, work has continued to advance the large gas condensate/oil developments and prospects in the portfolio.”
Under the first phase of the development plan, Po Valley will install a fully automated gas plant at the existing Selva/Podere Maiar 1dir well site and install a one-kilometre long pipeline to connect the well with the nearby Italian national gas grid. Based on dynamic reservoir studies, the field development is designed to produce at a rate of up to 150,000 m3/day, the company said.
The Teodorico gas field is located in shallow waters of the northern Adriatic Sea and in close proximity to existing east coast offshore gas production facilities. Teodorico has the largest gas-in-place of all of Po Valley’s gas fields and is at an advanced stage of assessment, ready for development, it said.