- Po Valley Energy (PVE) has received technical environmental approval from the Italian Environment Industry for its Selva gas field development
- The development is less than half a hectare and will have no emissions
- Selva has already secured the grant of a preliminary production concession ahead of final development slated for this year
- At the company’s other advanced project, regulatory approval process is expected to be completed early this year
- Po Valley’s share price is steady today with shares trading for 5.3 cents apiece
Po Valley Energy (PVE) has received technical environmental approval from the Italian Environment Industry for its Selva gas field development.
Located in Northern Italy, the Selva development has a small footprint of less than half a hectare and will have no emissions from any future commissioning of its gas inventory.
This environmental approval is a predecessor to final sign off by Environment Minister decree, the issuing of the required INTESA (intergovernmental agreement), and the final grant of a production concession issued by Italy’s Economic Development Ministry.
Selva has gas reserves of 13.3 billion cubic feet and has already secured the grant of a preliminary production concession ahead of final development slated for this year.
Initially, Po Valley plans to install a fully automated gas plant at the existing Selva/Podere Maiar 1dir well site.
The company will also 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 150,000 cubic metres per day.
This will likely come from the successfully tested C1 and C2 production levels in the medium-upper pliocene sands of the Porto Garibaldi Formation.
At Po Valley’s other advanced northern Italian project, the Teodorico Offshore Gas Field Development, the company expects to complete the regulatory approval process early this year.
The Teodorico project is located in the shallow waters of the Adriatic Sea and contains two connected gas discoveries, Carola and Irma, which were both tested and drilled by the former operator.
In November 2014 the Italian Ministry of Economic Development formally awarded Po Valley a preliminary production concession and invited the company to begin the environmental approval process for Teodorico.
The Environmental Impact Assessment documentation was then submitted in the first half of 2017.
Po Valley’s share price is steady today with shares trading for 5.3 cents apiece at 1:52 pm AEDT.