Northern Petroleum has applied to the Italian authorities for the transfer of operatorship to Shell Italia E&P for six permits offshore west of Sicily (G.R17.NP, G.R18.NP, G.R19.NP, G.R20.NP, G.R21.NP and G.R22.NP).
The transfer will enable Shell to progress with the work required to apply for drilling approvals in advance of the final decision as to whether an exploration well is to be drilled in the permits. The consortium is currently finalizing the subsurface evaluation.
Northern operated the permits during the 2D and 3D seismic phases of the exploration program, the costs of which were covered by Shell. Under the terms of the farm-in agreement, Shell holds 55% in G.R17.NP, G.R18.NP, G.R19.NP and 70% in G.R20.NP, G.R21.NP and G.R22.NP, with NPUK holding the remaining interest in the permits.
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