- AleAnna and its partner Societa Energia Padana have received all authorizations necessary to initiate production at the Longanesi Field.
- Once stabilization of the processing facility is complete, production to sales will begin shortly thereafter.
- The start-up of the Longanesi field plays a critical role in reducing Europe’s natural gas supply gap, highlighting the urgent need for reliable domestic energy solutions like Longanesi to strengthen Italy’s energy security.
- AleAnna previously announced that it had signed a multiyear gas sales agreement for its share of Longanesi production with Shell Energy Europe Ltd.
AleAnna (Nasdaq: ANNA) is pleased to announce the near-term onset of production at the Longanesi field, a landmark achievement in the Company’s journey to becoming a leading provider of sustainable natural gas in Europe. This milestone underscores AleAnna’s dedication to utilizing advanced technologies and adhering to responsible development practices to ensure the delivery of secure and reliable domestic energy solutions.
Longanesi Field
Located in the Province of Ravenna in Northern Italy, the Longanesi field (AleAnna Italia SpA, working interest 33.5% and Società Padana Energia Srl, operator with 66.5% working interest) is a cornerstone of AleAnna’s diverse portfolio. Through Longanesi development, AleAnna and its partner demonstrated the successful construction, testing, and commissioning of critical infrastructure, including wells, pipelines, and facilities.
AleAnna leveraged state-of-the-art subsurface technologies to assist in developing the first five wells, which contain net recoverable Proved natural gas reserves of 17.3 Bcf, net Probable reserves of 10.6 Bcf and net Possible reserves of 10.7 Bcf according to DeGolyer and MacNaughton, AleAnna’s independent reserves auditor. Longanesi is characterized by high permeability turbidite reservoirs similar to those found in deepwater Gulf of Mexico fields, and is expected to produce with moderate decline rates for several years ensuring a predictable and strong EBITDA profile. With the help of advanced 3D seismic technologies AleAnna has identified several opportunities for expansion of Longanesi, adding a management-estimated potential 75 Bcf to existing Longanesi resources.
A phased development approach underscores AleAnna's commitment to strengthening Italy's long term energy security while supporting the global transition to cleaner and more sustainable energy. By advancing current and future investments at Longanesi, AleAnna aims to address the gap in natural gas supply left by the loss of Russian gas imports, made even more critical during the cold winter season with gas storage levels reaching unusually low levels across Europe, thereby reinforcing the need for Italian domestic energy resilience.
On December 19, 2024 AleAnna announced that it had signed a multiyear gas sales agreement for its share of Longanesi production with Shell Energy Europe Ltd.
Management Commentary
In a joint statement, Bill Dirks, Executive Director, and Marco Brun, Chief Executive Officer, emphasized the importance of this initiative: “The start-up of Longanesi will represent a key achievement in Aleanna's strategy and a decisive step towards strengthening Italy's energy security and supporting Europe's transition to sustainable energy. By leveraging advanced technologies and strategic investments, we are committed to delivering secure, reliable and cleaner energy solutions that meet the challenges of an evolving energy landscape.”