Heavy sour. So much so they needed a desulfurization plant.
Mr. O'Cathain, CEO of Petroceltic, DOES NOT EVEN KNOW HOW TO SPELL ABRUZZO RIGHT. Sir, shame on you. There has been no partnership whatsoever and to this day NOBODY wants you here.
Good news for Abruzzo, good news for Italians. Not so good news for oilmen and their investors.
Due to pressure from citizen groups, and due to the disaster that BP has made out of the gulf of Mexico, yesterday June 30 2010, the Italian minister for the environment, Stefania Prestigiacomo, announced that all drilling permits will be suspended sine die and retroactively for all drilling plans within 5 miles from the coast, about 9.2 km. In the case of natural reserves, the limit is extended to 12 miles, about 22 km.
This means that both Elsa and Ombrina Mare, as proposed by Petroceltic and Mediterranean Oil and Gas ARE OUT, since they are well within 9km from shore. Both are at about 5km or 6km from the coast. Both are right in front of the Parco Nazionale della costa dei Trabocchi.
We will keep monitoring and following the situation, since the news just came out yesterday.
But for now: Dear Petroceltic, Dear MOG: take your rigs, your FSPO, your dreams of becoming big players by exploiting the people of Abruzzo, take your oil plans and go hide yourselves!
It is sad that the gulf of Mexico had to turn into the mess it is, for our minister to come to this decision, but it is better than nothing.
Have a nice summer Mr. Sergio Morandi, have a nice summer Mr. Brian O'Cathain.