Australia’s Po Valley Energy Limited, (PVE) (Po Valley) is pleased to
announce it has received Environmental approval from the Italian Government for its Selva and Teodorico natural gas field production concessions in Northern Italy.
Environmental Impact Assessment (EIA) of Teodorico and Selva Malvezzi are approved and duly signed by the Ministers of MITE (Ministry of Ecological Transition) and MIC (Ministry of Culture) and were published on the official website late last week.
Environmental approval paves the way for the grant of full production licences for both projects and Po Valley is well prepared and will submit required documentation during the June Quarter.
In the case of Selva Malvezzi, an application will be made for an INTESA between the regional government and the national government which is a standard development procedure for onshore gas fields. Following this process, we expect to be able to move toward grant of final production
For Teodorico, which is offshore, no INTESA is required and documentation will be finalised and submitted to Italian authorities for the final production concession during the June Quarter.
Selva Malvezzi Production Concession 1
With the Italian Government’s full environmental approval for the Selva gas field, located just east of Bologna, development and preliminary work has now commenced to prepare the field for gas production in mid-2022.
This follows the granting early in 2019 to Po Valley of the formal Selva Malvezzi preliminary gas Production Concession (80.68km²) by the Italian Ministry for Economic Development.
Under the first phase of the development plan, Po Valley will install a fully automated gas plant at the existing Selva/Podere Maiar 1dir well site and install a one-kilometre long pipeline to connect the well with the nearby Italian National Gas Grid. Based on dynamic reservoir studies, the field
development is designed to produce at a maximum rate of up to 150,000 cubic metres/day (5.3 mmscf/day) from successfully tested C1 and C2 production levels in the Medium-Upper Pliocene
sands of the Porto Garibaldi Formation (refer ASX announcement 29 May 2018).
Teodorico Offshore Gas Field Development (100% PVE)
The Teodorico gas field is located in shallow east coast waters (30m) of the northern Adriatic Sea – the primary source of domestic gas production for much of Italy – and in close proximity to existing east coast offshore gas production facilities.
Following the granting of full environmental approval, Teodorico can now be granted a production concession. Teodorico has the largest gas-in-place of all of Po Valley’s gas fields and is at an advanced stage of assessment, ready for development.