New Market Study, "Italy Oil & Gas Report Q4 2012", Has Been Published


Recently published research from Business Monitor International, "Italy Oil & Gas Report Q4 2012", is now available at Fast Market Research


Published on 29 November 2012


by Bill Thompson

(WireNews+Co)

Boston, MA

BMI View: Aside from the country's well-publicised economic woes, Italy is at a crossroads in terms of energy market development. The public has rejected state efforts to revive its nuclear strategy, leaving the way clear for gas volumes to rise steadily higher - forcing the import bill up at the same pace. Domestic oil and gas volumes are significant, with some upside potential, while Italy's refining system will continue to absorb cash but offer little in the way of returns - as evidenced by national oil group Eni's decision earlier in 2012 to reduce throughput at its Gela complex.

The main trends and developments we highlight in Italy's oil & gas sector are:

View Full Report Details and Table of Contents (http://www.fastmr.com/prod/479492_italy_oil_gas_report_q4_2012.aspx)

- The governments of Greece and Italy have agreed to support the Trans-Adriatic Pipeline (TAP). The agreement was reached between Greek Deputy Energy Minister Makis Papageorgiou and his Italian counterpart Giulio Terzi on August 7 2012. The pipeline will transport natural gas from the Caspian Sea and the Middle East via Greece, Albania and Italy to the rest of Europe. The pipeline aims to help Europe to lessen its dependence on Russia.
- Gas use in power generation is the key to demand growth and consumption looks set to reach 82.0bn cubic metres (bcm) by 2016. Imports are likely to have reached almost 75.0bcm by that time. By 2021, the country is set to be a net importer of more than 82bcm per annum, potentially costing some US$38bn.
- Eni has approved the sale of 30% less one share of its holding in Snam Rete Gas, the Italian gas distribution network, for EUR3.5bn to a government-controlled agency under terms mandated by Premier Mario Monti's government. Monti sanctioned the spin-off of Snam from Eni to boost competition. Eni has sold a further 5% share to institutional investors and the company's CEO Paulo Scaroni said it was in discussions with potential investors for its remaining stake.
- Italian oil consumption has fallen steadily since 1999. There is scope for very modest annual gains over the next several years, although the lack of economic growth could mean this scenario is overly optimistic. By 2016, oil consumption could hit 1.41mn b/d, climbing to a possible 1.45mn b/d by 2021.
- During 2012 Italy will have produced around 171,000b/d in the form of crude oil, gas liquids and refinery gains. The 500mn barrels (bbl) Val d'Agri oil complex can potentially supply 120,000b/d of light oil, plus heavy oil volumes will also be drawn from the Tempa Rossa field. Total has made its final investment decision (FID) on Tempa Rossa in the Basilicata region, according to a statement. The field is expected to produce 50,000b/d of heavy crude. A mediumterm rise in domestic oil production is therefore expected. We are now assuming total liquids production of 235,500b/d in 2016. Oil imports are set to average 1.18mn b/d by 2016, rising to 1.25mn b/d by 2021.


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Posted 2012-11-29 15:44:00