Northern Petroleum will carry out a proposed offshore 3D seismic programme across the Giove oil discovery and the Cygnus exploration prospect after being given the go-ahead.
An EIA (Environmental Impact Assessment) has been approved by the Italian Authorities.
The company is now looking for a partner to move the project along.
Chief executive Keith Bush said: “The company has been working with the appropriate authorities in Italy to progress its permits and applications, and has refrained from discussing the opportunities until tangible progress has been made.
“This has now happened, both with the approval of these EIAs and also the recent farm out of the Cascina Alberto permit to Shell.
“The Italian portfolio continues to be a core area for Northern and the possibility of value being realised over the short and medium term from these assets has significantly improved.”
The Giove oil discovery is estimated to contain around 26 million barrels of oil resources.
The Cygnus prospect is estmated to have around 446million barrels.
Italian authorities also gave approval for two additional exploration permits.
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