Avanti Energy Inc. is pleased to announce that its Italian subsidiary CMI Energia S.p.A has signed a long term gas sales agreement with Shell Energy Europe Limited for its future gas production in Italy.
Shell Energy Europe is a major integrated marketing and trading company, supplying energy across Europe. Shell provides businesses with advanced and high value solutions for energy assets and commodities, including natural gas, power and CO2, across a broad range of European markets.
CMI's Managing Director, Mark Frascogna commented: "CMI is very pleased to enter into this important agreement with Shell. This new relationship with Shell is a significant step forward toward the Colle Santo gas development project approval."
"Italy is highly deregulated gas market. The gas offtake agreement with Shell allows Avanti to focus on near term reserve and production growth in Italy without the cost and distraction of building and managing a marketing organization. At current market gas prices this represents potential sales in excess of USD$400mm" stated John McIntyre, President, CEO.
CMI has assembled a team of world renowned engineers, experts in project design, gas processing technology, and environmental management working to submit what will be a highly attractive and viable development plan for its Colle Santo gas project.