Coro Energy restarts an Italian gas field
Coro Energy PLC has restarted production at the Bezzecca gas field in Italy after the Sillaro, Rapagnano and Casa Tiberi fields resumed due to rising gas prices in Europe.
A workover well demonstrated strong pressure support, giving good indications for production performance in line with previously announced expectations of approximately 15,000 std cu m/d, the company said in a November 9 statement. Steady-state production rates will be provided after an initial period to allow time for adjustment of gas treatment parameters.
While the company’s strategic focus remains the pursuit of energy transition opportunities in Southeast Asia, recent gas prices in Europe provide an opportunity to relaunch the Italian portfolio to generate cash flow for projects. energy transition, the company said. In Italy, gas prices have now reached around €1.55/standard m3, an increase of 700% over the last 12 months.
The Bezzecca gas field is 35 km east of Milan under the Cascina Castello license. It contains 64.8 million std reserves cu m estimated 2P.
Coro’s Italian portfolio includes 100% working interests in four natural gas producing concessions: Sillaro, Rapagnano, Casa Tiberi and Bezzecca, as well as a development-ready production concession, S. Alberto. Two exploration concessions, Laura and Santa Maria Goretti, complete the portfolio.