Italy - Mediterranean Oil & Gas (MOG) announced today that the Italian Ministry of Economic Development has awarded the production concession for the Guendalina gas field in which it has a 20% stake.
Operator and 80% owner, Italian energy giant ENI, has told MOG it expects to start development activities at Guendalina gas field in January/February.
Construction and installation of the production platform is due to be completed this year, with drilling of two development wells planned for the first half of 2011. Gas production and associated revenues are expected to begin before the end of June 2011.
ENI says costs are likely to increase compared with previous estimates, but will be confirmed by the end of January or early February.
Aggregate gas production from the field, which has independently certified 2P gas reserves of 22 billion cubic feet of gas, is expected to be around 20 million cubic feet of gas per day.
‘The company continues to achieve milestones in its progress towards the corporate goal of becoming a medium sized oil and gas producer,’ said MOG chief Sergio Morandi.
‘The Guendalina field's gas production will allow MOG to triple in 2011 its current annual rate of net gas production.’
Reported by Cristina Gallardo, write to cristina.gallardo@ordons.com
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