MELBOURNE, Feb. 21 -- An independent geological report has increased proved natural gas reserves held in northern Italy by Po Valley Energy Ltd., Perth, Australia, to 36.6 bcf from 25.3 bcf.
The review by Italian consultant Ecopetrol takes into consideration results from Po Valley's 2005 exploration program, including the recently drilled Sillaro field near Bologna and Vitalba field near Milan. Ecopetrol found that the total proved and probable reserves remained at 104.6 bcf and proved, probable, and possible reserves at 130.4 bcf.
Po Valley is developing Sillaro, Vitalba, and nearby Santa Maddelana fields, planning to start production by yearend or early next year. The gas will enter to the Italian pipeline grid through existing infrastructure. A fourth field, Bezzecca (formerly Pandino), southeast of Milan, is to be drilled late this year.
Po Valley has 100% interest in Sillaro, Vitalba, and Bezzecca fields, and 50% interest in Santa Maddelana field.
The fields, initially found and produced by Eni SPA, are being reexamined by the Po Valley team, which is targeting the Pliocene and Miocene reservoirs in the light of new technology and an increasingly favorable economic climate for gas development in Europe.