Italy Oil and Gas Report Q3 2016

Date: July 6, 2016
Pages: 82
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 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.
  • The reintroduction by the 2016 Budget Law of the ban on exploration and production activity within 12 nautical miles of the Italian coast will stem some of the interest for offshore exploration. The lack of policy consistency also creates an uncertain regulatory environment for the industry. Nevertheless, the April 2016 referendum on banning renewals of offshore licenses failed to reach the necessary turnout, meaning existing production sites offshore within 12 miles of the coast will continue to produce until they reach depletion. However, new drilling concessions are no longer being handed out.
  • 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.
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 2014-2020)
  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: CEE: High Risk, Low Reward
  Table: CEE Upstream, Downstream And Overall Risk/Reward Index
Upstream: China Still The Target Market
  Table: CEE Upstream Risk/Reward Index
Downstream: Turkish STAR Only Bright Spot In Weak Market
  Table: CEE 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
Regional Overview
Central And Eastern Europe Oil & Gas Regional Overview
Oil Production: Oil Powerhouses Falter On Weak Prices
Oil Consumption: Short-Term Weakness As Russia Struggles
Refining Capacity: Modernisation Key To Competing
Natural Gas Production: Gas Ramp-Up Demand Dependent
  Table: Central Asia-China Gas Pipeline Expansions
Gas Consumption: Demand Falters On Struggling Economies
  Table: Central & Eastern Europe Oil & Gas Production & Consumption, Refining Capacity & 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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