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Oil Rises Ahead of Weekly Inventory Data

Oil Rises Ahead of Weekly Inventory Data

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Italy Aims to Increase Oil Production by 150% with New Energy Plan

As part of its first national energy plan in more than 20 years, the Italian government plans to revitalise the oil and gas industry. Back in 2005 crude oil production peaked at 115,000 barrels a day, and has since dropped to less than 100,000, not due to a lack of resources, but due to a lack of investment in exploration and development.

The new energy plan looks to boost production by 150%, which the government believes will provide Italy with 7% of its total energy demand, and create 25,000 new jobs for the struggling economy. It is estimated that the increased domestic oil production will reduce Italy’s annual €62 billion energy import bill by €14 billion.

Related Article: Putin Plays Down Russia's Deadly Dependence on Oil & Gas Revenues

One of the major parts of this plan to increase oil production by 150% is the Tempa Rossa oil field. Lying just near to the idyllic town of Corleto Perticara in Tuscany, the 200 million barrels deposit is 75% owned by Total and 25% by Shell, and has an expected production capacity of 50,000 barrels a day.

Despite the beautiful country in which it is situated, development of the field and the installation of the nodding donkeys is not expected to raise much local opposition, as they towns folk are more than happy with the royalties they will receive from the sale of the oil.

By. Joao Peixe of Oilprice.com



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