Po Valley Eyes Italian Fields' Approvals
Australia’s Po Valley Energy (PVE) is expecting a go-ahead from the Italian government for two gas field developments, it said April 30: Selva and Teodorico. In the Covid-19 context, its team is however working from home with minimal field operations. And despite the poor conditions, PVE is actively looking to expand its portfolio of large, low-cost, onshore gas fields in Europe.
CEO Michael Masterman said that PVE had advanced its gas field developments in Italy while keeping its people safe and streamlining costs.
With the Italian government confirming technical environmental approval for the Selva gas field, east of Bologna, development and preliminary work has now begun to prepare the field for gas production in 2021. Final approval is expected in Q2 2020.
Phase one involves building a fully automated gas plant and installing a 1-km pipeline to connect the well with the nearby gas grid, with peak production capacity of up to 150,000 m³. PVE expects to have 100% interest; presently United Oil & Gas and Prospex have 20% and 17% economic interests.
The Teodorico gas field is in 30 metres of water in the northern Adriatic Sea and close to offshore gas production facilities. PVE, the sole owner, expects to complete the regulatory approval process in the second half 2020. Teodorico has the largest gas-in-place of all of PVE’s gas fields and is at an advanced stage of assessment, ready for development.