Sound Oil May Accelerate Laura Field Development

Italy-focused Sound Oil announced Friday that its Laura field development in the Gulf of Taranto may be accelerated after the firm began discussions with the Italian Ministry of Economic Development about the project.

Laura is a 30 billion standard cubic feet discovery, previously discovered by ENI in 1980. Sound said that it is talking to the Ministry of Economic Development about applying directly for a production concession – rather than a permit to drill an appraisal well – in order to accelerate production from Laura by at least a year.

Sound also reported that it recently received a farm-in offer for its Badile exploration prospect from what it described as a "high quality" potential partner. The Badile prospect, onshore Italy in the Po Valley, is estimated to hold resources some 23 million barrels of oil.

The firm's 21 billion cubic feet Nervesa gas discovery in northern Italy is currently undergoing operations to prepare the site ahead of production. These operations will continue until February 12, when written permission from the authorities will be needed to proceed to complete the site.

Meanwhile, Sound is also continuing to revamp field facilities at its Rapagnano field in the Marche region of Italy. These facilities are now expected to be successfully commissioned by the end of February, with first gas following shortly afterward.

Sound added that it has completed a full review of its asset portfolio and expects to put in place a structure divestment process for a package of non-core assets.

"The company is making good progress on its core strategic objectives, including potentially accelerating production from the Laura discovery," Sound CEO James Parsons commented in a statement.

"Whilst Italian approval processes are causing operations at Nervesa and Rapagnano to progress slower than we would have liked, both are moving forward and our focus remains on delivering a successful well and commercial first gas for our shareholders."



Have a news tip? Share it with Rigzone!
Email news@rigzone.com

WHAT DO YOU THINK?

Click on the button below to add a comment.
Post a Comment
Generated by readers, the comments included herein do not reflect the views and opinions of Rigzone. All comments are subject to editorial review. Off-topic, inappropriate or insulting comments will be removed.

Related Companies
Events  SUBSCRIBE TO OUR NEWSLETTER

Our Privacy Pledge
SUBSCRIBE

More from this Author
Rigzone Staff
e-mail us at news@rigzone.com
 -  EWC Completes a $32M Facility for Pagb... (Jun 1)
 -  UMW O&G Bags Contract from PETRONAS Ca... (Jun 1)
 -  Technics Applies to Singapore High Cou... (Jun 1)
 -  GSS Secures Rights to Old Wells in Tem... (Jun 1)
 -  Malaysia's THHE Not Given More Time fr... (Jun 1)


Most Popular Articles

From the Career Center
Jobs that may interest you
Development Specialist for Compensation System: Offshore Cranes
Expertise: Design Engineer|Drilling Engineering|Electrical Engineering
Location: Houston, TX
 
SXL - Process Safety Management Engineer
Expertise: Petroleum Engineering|Process Engineer|Safety Engineering
Location: Marcus Hook, PA
 
Scientist, Senior Field Environmental (Kennedy, TX)
Expertise: Environmental Engineer|Field Development
Location: Kenedy, TX
 
search for more jobs

Brent Crude Oil : $49.69/BBL 0.75%
Light Crude Oil : $49.1/BBL 0.46%
Natural Gas : $2.28/MMBtu 5.55%
Updated in last 24 hours