• 3 minutes Cyberattack Forces Shutdown Of Largest Gasoline Pipeline In United States - Zero Hedge
  • 6 minutes Renewable Energy Capacity Jumped 45% Worldwide In 2020; IEA Sees 'New Normal'
  • 11 minutes Forecasts for Natural Gas
  • 9 hours U.S. Presidential Elections Status - Electoral Votes
  • 1 hour Electric vehicle market growth is a blessing for some metals — and not a big worry for oil
  • 11 hours Is the Republican Party going to perpetuate lies about the 2020 election and attempt to whitewash what happened on January 6th?
  • 3 hours GREEN NEW DEAL = BLIZZARD OF LIES
  • 16 hours CRAPPIFORNIA DOES IT AGAIN! California proposes to steer new homes from gas appliances
  • 2 hours .
  • 1 day Сryptocurrency predictions
  • 1 day 1 in 5 electric vehicle owners in California switched back to gas because charging their cars is a hassle, new research shows
  • 1 day Joe Biden's Presidency

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



Join the discussion | Back to homepage



Leave a comment

Leave a comment

Oilprice - The No. 1 Source for Oil & Energy News