Sound Oil receives permit award for Laura gas discovery

Jun 12, 2014 12:00 AM

Sound Oil, the European / Mediterranean focused upstream oil and gas company, has received the formal award of the D.R74.AP Permit (previously the D150DR-CS Permit) from the Italian Ministry of Economic Development. The permit, owned 100% by Sound Oil, contains the Laura field, a discovery located 4km offshore in the Gulf of Taranto, Southern Italy, which was discovered by ENI in 1980. The Laura discovery was previously successfully tested, delivered a stabilized rate of 10 MMscf per day and has an independently assessed resource of 30 Bscf (P50).

Following successful analysis of the existing seismic data and well logs, the Company plans to reach the reservoir from an onshore location using extended reach drilling technology and without further offshore seismic acquisition. As with all drilling in Italy, the well will be subject to an Environmental Impact Assessment.

Photo - see caption

James Parsons, Sound Oil's Chief Executive Officer, commented: 'Laura is one of five game-changing assets in our Italian drilling programme, has an NPV10 of Euro 66 million and is capable of generating significant free cash flows. The award of this permit is another milestone for the Company in Italy. The drilling of this offshore reservoir from onshore using extended reach drilling technology is an innovative and environmentally friendly approach which will ensure zero impact to the marine environment whilst also reducing development capital and operating expenditure.'

Market Research

The International Affairs Institute (IAI) and OCP Policy Center recently launched a new book: The Future of Natural Gas. Markets and Geopolitics.

Cover_242-width

The book is an in-depth analysis of some of the fastest moving gas markets, attempting to define the trends of a resource that will have a decisive role in shaping the global economy and modelling the geopolitical dynamics in the next decades.

Some of the top scholars in the energy sector have contributed to this volume such as Gonzalo Escribano, Director Energy and Climate Change Programme, Elcano Royal Institute, Madrid, Coby van der Linde, Director Clingendael International Energy Programme, The Hague and Houda Ben Jannet Allal, General Director Observatoire Méditerranéen de l’Energie (OME), Paris.

For only €32.50 you have your own copy of The Future of Natural Gas. Markets and Geopolitics. Click here to order now!


 

Upcoming Conferences
« June 2019 »
June
MoTuWeThFrSaSu
1 2
3 4 5 6 7 8 9
10 11 12 13 14 15 16
17 18 19 20 21 22 23
24 25 26 27 28 29 30

Register to announce Your Event

View All Events