Italy: Southern Adriatic exploration eyed

Azimuth Ltd. will become a 15% interest partner with Northern Petroleum PLC in the F.R39.NP and F.R40.NP permits in the southern Adriatic off Italy.

By OGJ editors
HOUSTON, Mar. 25
– Azimuth Ltd. will become a 15% interest partner with Northern Petroleum PLC in the F.R39.NP and F.R40.NP permits in the southern Adriatic off Italy.

Azimuth will fund a promoted share of future work programs prior to the drilling phase on the permits, which contain the undeveloped Rovesti and Giove oil discoveries and ten mapped prospects.

A consultant assessed the two oil discoveries as having 53.2 million bbl of probable oil reserves. Northern estimates the overall area’s potential at a mean of more than 3 billion bbl of oil in place and more than 2 tcf of gas in place.

Eni discovered Rovesti in 1978, and Enterprise Oil found Giove in 1998. The consultant attributed 33.6 million bbl to Rovesti, in 957 m of water, and 19.6 million bbl to Giove, in 600 m of water.

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