Europe: Prospex Energy PLC has announced that they have signed an 18-month gas sales agreement with the BP International Ltd's subsidiary BP Gas Marketing Ltd. The agreement will start on April 1st, with the option to extend in the future. BP International is a subsidiary of BP PLC.
Prospex, a Europe-focused gas and power projects investment company, recently announced that BPGM has entered into an agreement to purchase the forecast gas production from the soon-to-be completed Podere Maiar-1 production facility in the Selva Malvezzi concession of the Po Valley in Italy. It is estimated that BPGM will receive 37 million standard cubic metres of natural gas under this contract.
The Podere Maiar-1 production facility development has been fully funded and is expected to achieve first gas by early in the second quarter of 2023 - on schedule and on budget.
"The gas sales agreement with BP Gas Marketing Ltd marks a significant milestone for the company and its joint venture partner, Po Valley, as we get closer to first gas production from the Selva field development," stated Prospex Chief Executive Officer Mark Routh.
Po Valley Operations Pty Ltd operates Selva Malvezzi. They own a 63% stake in the site, while Prospex holds the other 37%.
Routh stated: "We are delighted that Po Valley has secured the agreement with BP Gas Marketing Ltd, a recognisable brand in the industry, to take delivery and sell our gas and look forward to working with them. Prospex is selling its share of the gas production jointly with the operator, Po Valley, under a joint marketing agreement, in order to optimise the value of our gas sales."