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Po Valley Energy gains key environmental approval for Italian gas field

Formal technical environmental approval has been received from the Italian Environment Ministry for the 63%-owned Selva gas field development.

Po Valley Energy Limited - Po Valley Energy gains key environmental approval for Italian gas field
The company intends to begin gas production this year

Po Valley Energy Limited (ASX:PVE) has received a key environmental approval for its 63%-owned Selva gas field development in northern Italy, which it aims to put into production this year.

The Italian Environment Ministry has granted formal technical environmental approval for Selva Malvezzi Production Concession, which is a precursor to final sign off by Environment Minister decree.

It also precedes issuing of the required INTESA intergovernmental agreement and the final grant of a production concession as issued by Italy’s Economic Development Ministry.

Preliminary concession

Selva project has gas reserves of 13.3bcf (2P) and PVE has already secured the grant of a preliminary production concession ahead of final development, which is slated for this year.

Under the first phase of the development plan, Po Valley intends to initially install a fully automated gas plant at the existing Selva/Podere Maiar 1dir well site.

The company will also install a 1-kilometre long pipeline to connect the well with the nearby Italian National Gas Grid.

Production plan

Based on dynamic reservoir studies, the field development is designed to produce at a daily rate of up to 150,000 cubic metres (5.3 mmscf) from successfully tested C1 and C2 production levels in the Medium-Upper Pliocene sands of the Porto Garibaldi Formation.

Teodorico next

At the company’s other advanced northern Italian project, the Teodorico Offshore Gas Field Development, PVE expects to complete the regulatory approval process early this year.

The Teodorico field is in shallow waters of the northern Adriatic Sea, the primary source of domestic gas production for much of Italy, and in proximity to existing east coast offshore gas production facilities.

Po Valley’s priority is very focused on bringing the low-cost Selva Malvezzi and Teodorico fields into gas production.

Quick facts: Po Valley Energy Limited

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