Italy Oil and Gas Report - Business Monitor International - Industry Reports

Italy Oil and Gas Report

Italy Oil and Gas Report - Business Monitor International - Industry Reports
Italy Oil and Gas Report
Published Oct 01, 2016
84 pages — Published Oct 01, 2016
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We maintain our forecast for a continued decline in oil and gas reserves over our forecast period. We note upside risks to exploration over the coming years for an accelerated licensing and drilling approval process for onshore licenses. ...The lack of policy consistency also creates an uncertain regulatory environment for the industry. However, the April ---- referendum on banning renewals of offshore licenses failed to reach the necessary turnout, meaning existing production sites offshore within -- miles of the coast will continue to produce until they reach depletion. New drilling concessions are no longer being handed out. ...ADX has undertaken geotechnical studies focusing on the Nilde shut in oil field and three discoveries in close proximity, the Nilde-Bis, Norma and Naila discoveries with a view to determining their resource potential and the potential commercial viability of the resources.

...Fossa Bradanica in the Puglia region (gas and oil) Off-shore platforms of the Calabria region (gas) Central Sicily (gas) Pelagic fields (oil) As revealed in the Italian government s energy plan in ---- - the National Energy Strategy - the country is trying to boost exploration and development of its petroleum resources, targeting a doubling of oil production, in a bid to reduce its spending on energy by cutting imports to -- of demand by ----. While these targets seem difficult to reach, the country is successfully accelerating its exploration and production permitting process, with several recent approvals granted for hydrocarbon exploration and production permits. For some, these approvals had been withheld for years. Indeed, despite the substantial hydrocarbons potential in the southern Mediterranean and the Adriatic, a complicated bureaucracy and regulatory environment in Italy have in the past created persistent regulatory challenges, often resulting in exploration and production efforts being delayed. The cumbersome drilling permitting process, which includes several regulatory and environmental hurdles, had notably slowed offshore investment in Italy s prospective but underexplored waters. Substantial opposition at the local level from the public and local governments had also hindered exploration and development efforts, amid concerns that the regions were not benefiting sufficiently from development and worries over damage to the environment and the tourism industry. But notable changes have been made: The Italian government has taken active steps since ---- to give regional and local government a greater share of the profits, which could help reduce local opposition that has delayed drilling in several regions, notably in the south.

...Italy s exploration has benefited from an accelerated licensing and drilling approval process on licences, which is part of the Italian government s energy plan in ----. The National Energy Strategy is now starting to bear fruit with several exploration and production permits approved since its implementation. ...Further cuts are to be expected, given continued capacity oversupply and weak demand growth. Economic difficulties are expected to continue suppressing oil consumption in Italy, which we see gradually declining until the end of ----, before stagnating or very slowly increasing until the end of our forecast period. Distillates consumption as a proportion of total refined products consumption will continue to make headway, as the share of gasoline consumption falls, due to the continued dieselisation of the vehicle fleet. ...

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Business Monitor International - Industry Reports—Established in 1984, Business Monitor International is a leading online publisher of specialist business information on global emerging markets. Business Monitor's range of quarterly services covers political risk, finance, macroeconomic performance, outlook and forecast, industry sectors and the business operating environment. Each Industry Report has been researched at source, and features latest-available data covering production, sales, imports and exports; 5-year industry forecasts through end-2012; company rankings and competitive landscapes for multinational and local manufacturers and suppliers; and analysis of latest industry developments, trends and regulatory changes.

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Business Monitor International - Industry Reports. "Italy Oil and Gas Report" Oct 01, 2016. Alacra Store. May 21, 2018. <>
Business Monitor International - Industry Reports. (2016). Italy Oil and Gas Report Oct 01, 2016. New York, NY: Alacra Store. Retrieved May 21, 2018 from <>
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