The Colle Santo gas project could be in line for Italian government financial assistance after it was seen to meet the country’s energy and economic needs.
INCENTIVES
Project partner Reabold Resources plc holds 26.1% of LNEnergy Ltd which has an option to acquire 90% of the field.
Reabold said that the Ministry of Environment and Energy Security (MASE) had recognised that LNEnergy’s application for concession met the requirements of Italy’s integrated plan for energy and climate (PNIEC) and national plan for economic recovery (PNRR).
The Italian government has made available a total €12 billion in grants and economic incentives for both initiatives.
Reabold added that the approvals process was progressing for full field development and well testing of the project in central Italy.
Colle Santo, with 65bcf of 2P reserves, has an estimated 20-year production life and includes CO2 capture and hydrogen production.
An environmental impact study for the development plan has been filed with the Ministry of Environment and Energy Security (MASE) and the partners have progressed sourcing vendor financing from the EPC contract operator, Italfluid.