www.northpet.com
Northern Petroleum Plc is an oil and gas exploration, development and production company focused on the European Union and nearby areas. The Company is an operator of both onshore and offshore projects including a producing oilfield and boasts a management and technical team of the highest quality.
Northern Petroleum and Shell complete 3D seismic offshore Sicily
Northern Petroleum (AIM: NOP) has completed the seismic operations in the offshore West Sicily thrust belt, which covers four licences: GR17 NP, GR20 NP, GR21 NP and GR22 NP. The licenses are being explored through a joint venture with Royal Dutch Shell (LSE: RDSB, RDSA) subsidiary, Shell Italia E&P SpA.
The seismic acquisition was funded by Shell, as part of the farm-in arrangement signed in December 2008. The programme aimed at obtaining a better quality, and more complete, definition of the encouraging structures identified by the two previous 2D seismic campaigns. The new data was expected to firm up prospects for drilling.
In January, at the beginning of the seismic programme, Northern Petroleum said the programme would enable prospects to be defined for a drilling decision later this year. “The West Sicily Thrust Belt is part of the major thrust system incorporating large oil fields in the Southern Apennines and continues into Tunisia, Algeria and Morocco”, Northern Petroleum MD Derek Musgrove stated.
The 3D seismic acquisition began on 14 January 2010 and ended on 20 March. The partners contracted Petroleum Geo-Services Asia Pacific Pte, who acquired £D seismic data covering a total of 1,520 square kilometres.
Under the terms of the farm-in agreement Shell has a 55% interest in G.R17.NP, and 70% in the other three licenses G.R20.NP, G.R21.NP and G.R22.NP.
In total the joint venture currently covers six offshore licences, G.R17.NP, G.R18.NP, G.R19.NP, G.R20.NP, G.R21.NP and G.R22.NP, making for a total area of 4,350km₂ in which a 2,300km 2D seismic survey was recorded earlier this year.
In response to the announcement, Edison Investment Research said that firmed-up drilling prospects in this key area for Northern would offer interesting exploration upside potential.
The research house also noted the progress being made in Northern’s other core area in the Netherlands, where the Grolloo and Geesbrug gas fields have come on-stream in recent months. Additionally Edison said that the Brakel and Wijk en Aalburg fields are expected to be producing by Q210. The research note also believes that a North Ottoland oil exploration well and an extended test on Ottoland may provide a further catalyst during the current year.
