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BMI View: Italy's oil and gas sector will continue to suffer from a gradual depletion of its hydrocarbon
reserves and the rapid downsizing of the country's ailing refining sector. While an active exploration scene
and a gradually improving regulatory environment are positive signs, we believe these improvements will
take some years to garner more substantial industry changes.
Latest Updates And Key Forecasts
- 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 2013. The National Energy Strategy is now
starting to bear fruit with several exploration and production permits approved since its implementation.
Drilling activity has accelerated as a result. Most recently, Sound Energy was granted drilling permission
for its Badile prospect - due to be drilled in 2016 - highlighting that interest in exploration remains in
spite of the low oil price environment.
- Italy's oil production is expected to receive a significant boost from the Tempa Rossa field, which is set
to come online in late 2018. Nonetheless, this will not suffice to achieve the government's goal of
doubling oil production by 2020. Rapidly declining reserves are expected to push oil output gradually
lower in the post-2020 period.