Coro Energy PLC restarted production at Bezzecca gas field in Italy following resumption of Sillaro, Rapagnano, and Casa Tiberi fields based on increasing gas prices in Europe.
A well workover demonstrated strong pressure support, giving good indications for production performance in line with previously announced expectations of about 15,000 std cu m/d, the company said in a release Nov. 9. Stabilized production rates will be provided following an initial period to allow the necessary time for gas processing parameters to be adjusted.
While the company's strategic focus remains pursuing energy transition opportunities in South East Asia, recent gas prices in Europe provides an opportunity to re-launch the Italian portfolio to generate cash flows for energy transition projects, the company said. In Italy, gas prices have now reached about €1.55/std cu m, a 700% increase over the last 12 months.
Bezzecca gas field is 35 km east of Milan within the Cascina Castello license. It contains 64.8 million std cu m estimated 2P reserves.
Coro's Italian portfolio consists of 100% working interests in four producing natural gas concessions: Sillaro, Rapagnano, Casa Tiberi, and Bezzecca, as well as one production concession which is development ready, S. Alberto. Two exploration concessions, Laura and Santa Maria Goretti, complete the portfolio.
About the Author
Alex Procyk
Upstream Editor
Alex Procyk is Upstream Editor at Oil & Gas Journal. He has also served as a principal technical professional at Halliburton and as a completion engineer at ConocoPhillips. He holds a BS in chemistry (1987) from Kent State University and a PhD in chemistry (1992) from Carnegie Mellon University. He is a member of the Society of Petroleum Engineers (SPE).