• 3 minutes e-car sales collapse
  • 6 minutes America Is Exceptional in Its Political Divide
  • 11 minutes Perovskites, a ‘dirt cheap’ alternative to silicon, just got a lot more efficient
  • 17 hours GREEN NEW DEAL = BLIZZARD OF LIES
  • 4 days The United States produced more crude oil than any nation, at any time.
  • 4 days How Far Have We Really Gotten With Alternative Energy
  • 2 days Bad news for e-cars keeps coming
  • 4 days China deletes leaked stats showing plunging birth rate for 2023
  • 5 days The European Union is exceptional in its political divide. Examples are apparent in Hungary, Slovakia, Sweden, Netherlands, Belarus, Ireland, etc.
From Fantasy to Fact: The EV Slowdown Gets Real

From Fantasy to Fact: The EV Slowdown Gets Real

Despite significant efforts and investments,…

Demand Pessimism on Oil Market Dissipates

Demand Pessimism on Oil Market Dissipates

The pessimism that has gripped…

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

EXXON Mobil -0.35
Open57.81 Trading Vol.6.96M Previous Vol.241.7B
BUY 57.15
Sell 57.00
Oilprice - The No. 1 Source for Oil & Energy News