Natural gas reserves in the Adriatic may be up to 100 billion cubic meters
22.7.2008 15:19:00 | Author/Source PressCut
Paolo Scaroni, CEO of Italian oil and gas group ENI said on Monday his company estimated its concessions in the Adriatic Sea had at least 40 billion cubic meters of natural gas. He added it was also possible there are up to 100 billion cubic meters, because “once you start exploiting reserves, you never know how far you can go”.
This statement could have a significant impact on the value of Croatian Ina, because the two companies have been jointly developing certain gas fields in the Adriatic. On the other hand, Ina estimates gas reserves to around 20 billion cubic meters. Last year Ina produced 1.15 billion cubic meters of gas in the Adriatic, which is by as much as 69 percent more than a year ago. However, in the first quarter of the year, production was reduced.