Project Profile
Value: Undisclosed
Water Depth: 50 m / 165 ft
Location: B.R268.RG permit in the central Adriatic Sea offshore Italy
Discovery Date: Jan 1992
Oil Reserves: 104.23 million barrels of oil
Gas Reserves: 31.49 Bcf of gas
The Elsa field is situated in the B.R268.RG permit in the central Adriatic Sea offshore Italy in water depths of 100 to 165 feet (30 to 50 metres). Petroceltic, operator, holds a 55% working interest in the permit. Discovered by Eni in 1992, Elsa holds an estimated 104.23 million barrels of oil and 31.49 Bcf of gas. Once regulatory hurdles are cleared, Petroceltic will move forward with plans to appraise the Elsa discovery (likely in 2013), using a zero discharge jackup rig.
Orca was set to fund 30% of the Elsa-2 appraisal well up to a maximum of US$11.5 million to earn a 15% working interest in the permit. Thereafter, it will fund all future costs relating to the well and the permit in proportion to its participating interest.
Changes in Italian environmental legislation in late 2015 resulted in the development of the Elsa Italian licence being postponed indefinitely.
Operator:
Petroceltic: Operator with 55% interest
Cygam Energy: 30% interest
Orca Energy: 15% interest