Italy Oil and Gas Report

 Published On: Jul, 2016 |    No of Pages: 82 |  Published By: BMI Oil and Gas | Format: PDF
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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. 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 ....... 7
Table: Headline Forecasts (Italy 2014-2020) . . 7
SWOT .... 9
Industry Forecast ...... 10
Upstream Exploration ...... 10
Latest Updates ....... 10
Structural Trends ... 10
Upstream Projects ... 16
Table: Upstream Projects . . 16
Upstream Production - Oil 18
Latest Updates ....... 18
Structural Trends ... 18
Table: Oil Production (Italy 2014-2019) . 20
Table: Oil Production (Italy 2020-2025) . 20
Upstream Production - Gas ....... 21
Latest Updates ....... 21
Structural Trends ... 21
Table: Gas Production (Italy 2014-2019) 23
Table: Gas Production (Italy 2020-2025) 23
Refining . 24
Latest Updates ....... 24
Structural Trends ... 24
Table: Refining Capacity and Refined Products Production (Italy 2014-2019) . 26
Table: Refining Capacity and Refined Products Production (Italy 2020-2025) . 27
Refined Fuels Consumption ....... 28
Latest Updates ....... 28
Structural Trends ... 28
Table: Refined Products Consumption* (Italy 2014-2019) . . 30
Table: Refined Products Consumption* (Italy 2020-2025) . . 30
Gas Consumption .... 31
Latest Updates ....... 31
Structural Trends ... 31
Table: Gas Consumption (Italy 2020-2025) . . . 33
Trade - Oil ..... 34
Crude Oil ..... 34
Latest Updates ....... 34
Structural Trends ... 34
Table: Crude Oil Net Exports (Italy 2014-2020) . . . 36
Table: Crude Oil Net Exports (Italy 2020-2025) . . . 36
Refined Products .... 36
Latest Updates ....... 36
Structural Trends ... 36
Table: Refined Fuels Net Exports (Italy 2014-2019) . . . . 38
Table: Refined Fuels Net Exports (Italy 2020-2025) . . . . 38
Trade - Gas (Pipeline And LNG) 39
Latest Updates ....... 39
Structural Trends ... 39
Table: Gas Net Exports (Italy 2014-2019) 42
Table: Gas Net Exports (Italy 2020-2025) 42
Industry Risk Reward Index ..... 44
Central And Eastern Europe Oil & Gas Risk/Reward Index ..... 44
Table: CEE: High Risk, Low Reward 44
Table: CEE Upstream, Downstream And Overall Risk/Reward Index . 45
Upstream: China Still The Target Market ... 45
Table: CEE Upstream Risk/Reward Index 47
Downstream: Turkish STAR Only Bright Spot In Weak Market ....... 48
Table: CEE Downstream Risk/Reward Index . 50
Italy - Risk/Reward Index .. 52
Upstream Index .... 52
Downstream Index . 52
Market Overview ....... 53
Italy Energy Market Overview .... 53
Regulatory Structure ....... 53
Fiscal Regime 54
Table: Italy Oil And Gas Fiscal Regime . . 54
Licensing Regime ... 54
Table: Italy Licensing Regime . . 54
Oil And Gas Infrastructure 56
Oil Refineries 56
Table: Refineries In Italy . . 56
Service Stations ..... 57
Oil Storage Facilities ...... 57
Oil Terminals/Ports 58
LNG Terminals ...... 58
Table: Italy - LNG Terminals . . . 60
Gas Storage Facilities ..... 61
Gas Pipelines 61
Competitive Landscape .... 65
Competitive Landscape Summary ...... 65
Regional Overview .... 67
Central And Eastern Europe Oil & Gas Regional Overview ..... 67
Oil Production: Oil Powerhouses Falter On Weak Prices ..... 67
Oil Consumption: Short-Term Weakness As Russia Struggles . 68
Refining Capacity: Modernisation Key To Competing ... 69
Natural Gas Production: Gas Ramp-Up Demand Dependent .. 70
Table: Central Asia-China Gas Pipeline Expansions . . . 71
Gas Consumption: Demand Falters On Struggling Economies 72
Table: Central & Eastern Europe Oil & Gas Production & Consumption, Refining Capacity & Trade . 73
Glossary ..... 75
Table: Glossary Of Terms . 75
Methodology ...... 77
Industry Forecast Methodology 77
Source . 79
Risk/Reward Index Methodology ....... 79
Table: Bmi's Oil & Gas Upstream Risk/Reward Index . . 81
Table: Weighting 82
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