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Northern adds billion barrels to Italy cache


Published Mar 10, 2008
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Italy offshore

U.K. independent Northern Petroleum has added a billion barrels to its estimate of resources at six of its Adriatic Sea licenses offshore Italy.

The outside audit by Blackwatch Petroleum Services Limited puts the potential haul of hydrocarbons at up to 3.5 billion barrels oil in place Northern has a 100 percent interest in each licence, while ATI holds — a 37-percent Northern subisidiary — owns 50 percent.

The cache of oil and gas is said to lie in License F.R39.NP and License F.R40.NP, an 1,470-square-kilometre area.

Company managers said the oil-services chain is being consulted with a view toward developing the Rovesti and Giove fields with financial resources at hand.

Tags: Northern Petroleum




   

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