Italy Oil and Gas Report Q2 2016

Date: March 16, 2016
Pages: 106
US$ 1,295.00
Report type: Strategic Report
Delivery: E-mail Delivery (PDF)

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Includes 3 FREE quarterly updates

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. This is particularly the case in the context of low oil and gas prices over the coming years.

Key Forecasts
  • 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.
  • A deteriorating downstream sector in Italy, as elsewhere in Europe, has seen large refining capacity and refined products production cuts over the past decade. Further cuts are to be expected, given continued capacity oversupply and weak demand growth.
  • Economic difficulties are expected to continue suppressing oil consumption in Italy, which we see gradually declining till 2016, before stagnating or very slowly increasing until the end of our forecast period. Distillates consumption as a proportion of total refined products consumption will continue to make headway, as the share of gasoline consumption falls, due to the continued dieselisation of the vehicle fleet.
  • With limited domestic crude oil production, Italy will remain a large net importer of crude oil. However, net import requirements have fallen substantially and will continue to fall due to large cuts in refining capacity. On the other hand, the refining capacity cuts will see continued decline in net refined products exports, which should fall to near zero by the end of our forecast period.
BMI Industry View
  Table: Headline Forecasts (Italy 2014-2020)
Industry Forecast
Upstream Exploration
Latest Updates
Structural Trends
Upstream Projects
  Table: Upstream Projects
Upstream Production - Oil
Latest Updates
Structural Trends
  Table: Oil Production (Italy 2014-2019)
  Table: Oil Production (Italy 2020-2025)
Upstream Production - Gas
Latest Updates
Structural Trends
  Table: Gas Production (Italy 2014-2019)
  Table: Gas Production (Italy 2020-2025)
Latest Updates
Structural Trends
  Table: Refining Capacity and Refined Products Production (Italy 2014-2019)
  Table: Refining Capacity and Refined Products Production (Italy 2020-2025)
Refined Fuels Consumption
Latest Updates
Structural Trends
  Table: Refined Products Consumption (Italy 2014-2019)
  Table: Refined Products Consumption (Italy 2020-2025)
Gas Consumption
Latest Updates
Structural Trends
  Table: Gas Consumption (Italy 2020-2025)
Trade - Oil
Crude Oil
Latest Updates
Structural Trends
  Table: Crude Oil Net Exports (Italy 2014-2019)
  Table: Crude Oil Net Exports (Italy 2020-2025)
Refined Products
Latest Updates
Structural Trends
  Table: Refined Fuels Net Exports (Italy 2014-2019)
  Table: Refined Fuels Net Exports (Italy 2020-2025)
Trade - Gas (Pipeline And LNG)
Latest Updates
Structural Trends
  Table: Gas Net Exports (Italy 2014-2019)
  Table: Gas Net Exports (Italy 2020-2025)
Industry Risk Reward Index
Central And Eastern Europe - Oil & Gas Risk/Reward Index
  Table: Regional Risk/Reward Index Averages - High Risk, Low Reward In Central And Eastern Europe
  Table: Central And Eastern Europe - Upstream, Downstream And Overall Risk/Reward Index
Upstream: China Still The Target Market
  Table: Central And Eastern Europe Upstream Risk/Reward Index
Downstream: Turkish STAR Only Bright Spot In Weak Market
  Table: Central And Eastern Europe - Downstream Risk/Reward Index
Italy - Risk/Reward Index
Upstream Index
Downstream Index
Market Overview
Italy Energy Market Overview
Regulatory Structure
Fiscal Regime
  Table: Italy Oil And Gas Fiscal Regime
Licensing Regime
  Table: Italy Licensing Regime
Oil And Gas Infrastructure
Oil Refineries
  Table: Refineries In Italy
Service Stations
Oil Storage Facilities
Oil Terminals/Ports
LNG Terminals
  Table: Italy - LNG Terminals
Gas Storage Facilities
Gas Pipelines
Competitive Landscape
Competitive Landscape Summary
Company Profile
Po Valley Energy
Royal Dutch Shell
Other Summaries
Regional Overview
Central And Eastern Europe Oil And Gas Regional Overview
Oil Production: Output Growth Stalling
Oil Consumption: Weak EM Growth Softens Demand
Refining Capacity: Modernisation Over Capacity Growth
Natural Gas Production: Gas Ramp-Up Depends On China's Hunger
  Table: Central Asia-China Gas Pipeline Expansions
Gas Consumption: Demand Falters On Struggling Economies
  Table: Central And Eastern Europe - Oil And Gas Production And Consumption, Refining Capacity And Trade
  Table: Glossary Of Terms
Industry Forecast Methodology
Risk/Reward Index Methodology
  Table: Bmi's Oil & Gas Upstream Risk/Reward Index
  Table: Weighting
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