Sound Oil Signs Gas Sales Agreement for Italian Concession with Shell

UK-headquartered Sound Oil announced the signature of a gas sales agreement for the Casa Tonetto production concession, which includes the Nervesa gas field, with Shell Energy Italia, the local arm of Shell Energy Europe. 

The Mediterranean focused upstream gas company said that, in this way, it will manage its risk/reward balance.

"I am very pleased to report the signature of the gas sales agreement, which increases our exposure to Italian gas market and represents the first relationship with the Shell Group’' James Parsons, Sound Oil's Chief Executive Officer, commented in a note released on Thursday. 

The Agreement follows the recent Casa Tonetto production concession award and includes a pricing mechanism.

Last month, the company received the award of the Casa Tonetto production concession (which includes the Nervesa discovery) in Italy from the Italian Ministry of Economic Development.