MOG Moves Closer to Ombrina Mare Development (Italy)
- Business & Finance
Mediterranean Oil & Gas Plc noted that the official website of the Italian Ministry of Environment indicates that the EIA Commission, charged by the Ministry to rule on the Ombrina Mare oil and gas field development EIA, has ruled positively in favour of MOG’s submission.
This represents a significant step towards the final approval, by Ministerial Decree, of the Ombrina Mare EIA that was submitted by the Company in support of the application for the award of a Production Concession in 2009.
Once the EIA Decree is countersigned by the Minister of Environment and the Minister of Heritage and Cultural Activities, MOG will be able to seek award of the d30 BC MD Ombrina Mare Production Concession from the Ministry of Economic Development. The Ministry has already granted technical approval of the Field Development Plan for Ombrina Mare in June 2009.
Award of the Production Concession will enable the Company to progress the development of the Ombrina Mare oil and gas field, which will start with the drilling of a pilot development well.
Dr. Bill Higgs, Chief Executive of Mediterranean Oil and Gas, commented:
“We are very pleased to hear that the EIA Commission has ruled positively in favour of our EIA for Ombrina Mare. This supports our belief that Ombrina Mare can be developed safely and with due care for the environment.”
Ombrina Mare is an oil and gas field discovered in 2008 in the Central Adriatic and located in 20 metres of water depth four miles offshore. Recoverable reserves (2P) are currently estimated to be 40 million barrels of oil and 6.5 Bcf of gas. Medoilgas Italia SpA owns 100% of the Exploration Permit BR269 GC, which was awarded in 2005. The Production Concession Application was submitted in December 2008 and pre-approved by the Ministry for Economic Development in June 2009. An Environmental Impact Assessment was submitted to the Ministry for the Environment for approval in December 2009. Development activities were put on hold by the Company to comply with DLGS 128/2010. On the 5th May, 2012, the Ministry for the Environment granted a three year extension to the exploration permit to May 2015. An exemption to DLGS 128/2010 was formalized into law (DLGS 134/2012) on 7th August 2012, which enabled MOG to seek approval of the EIA submitted in 2009.
Press Release, February 22, 2013