Sound Oil’s first production operation in Rapagnano field in central Italy beat expectations in 2013, the UK-based company revealed on Friday.
‘The Rapagnano field ... yielded a total of 2.2mln cubic metres of gas, or 79mln cubic feet, in the seven months from start-up in May to the end of December, which is 15% more than Sound had budgeted for,’ reads a note released by the company.
Sound expects to produce gas from Rapagnano for 12 years, seeing production totalling 1.2 billion cubic feet of gas. Despite the modest size, the field is valuable for the company as cash flows from Rapagnano cover the bulk of its baseline costs.
The Rapagnano-1 gas discovery was made by Eni in 1952. It had produced 116 Mscm of gas prior to shut-in in 2001. The concession is located in Ascoli Piceno Province, Marche Region, central Italy.