Italy awards Northern Petroleum three licenses
Italy has granted three offshore licenses to Northern Petroleum PLC after accepting the company's findings in an environmental impact assessment.
LONDON, Mar. 1 -- Italy has granted three offshore licenses to Northern Petroleum PLC after accepting the company's findings in an environmental impact assessment.
The licenses have been redesignated G.R20.NP (formerly d23GR.-NP), G.R21.NP (formerly d22GR.-NP), and G.R22.NP (formerly d24GR.-NP), which are adjacent to Northern's existing G.R17.NP, G.R18.NP, and G.R19.NP licenses.
Northern Petroleum said its expanded acreage, spanning 4,370 sq km, holds significant petroleum potential. Its previous licenses hold many prospects that individually could contain reserves of 1 billion bbl of oil, according to its seismic survey. Northern Petroleum's subsidiary, Northern Petroleum UK (NPUK) will operate the new licenses and will work on a 50-50 basis with Oil PLC.
The additional licenses are in the Apennine-Maghreb thrust belt west of Sicily and adjacent to the Tunisian boundary. Anadarko Petroleum Corp., Petro-Canada, and Royal Dutch Shell PLC hold interests in the equivalent structural setting across the border in Tunisia.
Northern Petroleum will seek partners to farm in to the acreage.
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