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New Report Available: Italy Oil & Gas Report Q2 2013

Recently published research from Business Monitor International, "Italy Oil & Gas Report Q2 2013", is now available at Fast Market Research

 
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Boston, MA -- (SBWIRE) -- 04/30/2013 -- 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, clearing the way for gas volumes to rise steadily higher - forcing the import bill up at the same pace. As the scheduled general elections, set for February 24-25, the head of Italy's centre-left alliance, Pier Luigi Bersani, which is leading opinion polls, has said that natural gas would be at the centre of his energy policy and incentives to promote renewable energy would be reduced, scraping away parts of a new energy strategy unveiled in October 2012, that seeks to reduce imports to 67% of Italian needs by 2020 by involving, in part, an increase in renewable energy production. This move could potentially see gas imports rise and could also increase allowance for exploration works.

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

- 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. The tri-lateral intergovernmental agreement was signed in Athens on February 13 2013 between Greece, Italy and Albania.
- A recent announcement by Sonatrach pushed the GALSI Pipline project to May 2013, blaming technical difficulties, causing further delays to the long-overdue project. The company stated that the setbacks are not an indication that the project will not go ahead, however. The 8bn cubic meter GALSI Pipeline, which was proposed nine years ago, was to provide a link between the North Africa region (Algerian gas reserves in particular) and Northern Italy.
- UK-based Sound Oil has announced that the development of its Laura field in Italy's Gulf of Taranto may be accelerated. The announcement comes after discussions with the Italian Ministry of Economic Development over the further development of the field in early February 2013. The 9.1bn cubic metre (bcm) gas field was discovered in 1984 and is valued at US$86mn. Sound Oil is now seeking a production concession so that it can sidestep appraisal drilling and begin to profit from the asset ahead of schedule. Meanwhile, the company also confirmed that it has received a farm-in offer from a potential partner relating to its Badile exploration well in Lombardy's Po Valley.

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