Independent Resources PLC
21 April 2008
Schlumberger selected to oversee planned development of Rivara gas storage
project
AIM-quoted Independent Resources plc, the gas supply and exploration company
working to ease supply shortages in Europe, has appointed Schlumberger to advise
on the planned development of its underground gas storage facility at Rivara in
northern Italy.
Once environmental approvals are in place, Schlumberger has agreed to undertake
project management and reservoir appraisal and development services at Rivara, a
deeply buried fractured limestone structure ideally suited to efficient gas
storage thanks to the presence of an active aquifer that can provide constant
natural water drive.
Rivara is also located next to the balancing zone that ties Italy's gas
transmission network into trans-continental pipelines, further enhancing its
long-term strategic potential. IRG is planning the Rivara development following
severe mid-winter gas supply disruptions. There is evidence of not only a
prolonged shortage of gas storage volumes but also of a shortfall in peak
deliverability, both of which continue to inhibit an efficient gas market in
Italy.
IRG Executive Chairman Grayson Nash said: 'We regard Rivara as crucially
important to Italy's existing transmission network and to the development of a
Southern European physical gas trading hub. So we are aware of the need to wed
world-class project management skills with superior technology to ensure we and
our future partners develop the safest, most reliable, and highest-performance
storage facility in Europe.'
It is expected that Schlumberger will commence by characterising and
constructing an integrated model, before moving forward to oversee drilling
operations and data acquisition, recommend best practices, and optimise the
project's development.
IRG is currently working with the Italian authorities to secure the necessary
environmental permits ahead of the planned development of Rivara.
For further information contact:
Stephen Staley, Managing Director, Independent Resources plc: 01332 865 253
07771 838 753
Allan Piper, First City Financial Public Relations: 020 7242 2666
This information is provided by RNS
The company news service from the London Stock Exchange