Italy Oil & Gas Report

Published 27 February 2015

  • 133 pages
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$1,295.00
Italy Oil & Gas Report

BMI View: We maintain a subdued outlook for Italy's oil and gas industry due to projected gradual decline in country's oil and gas reserves as well as rapid downsizing of its refining sector. While the increased investor interest in Italy's prospective Adriatic and gradually imporving regulatory environment are positive signs, we believe these improvements will take some years to garner more substantial industry changes.

Headline Forecasts (Italy 2013-2019)
2013e 2014e 2015f 2016f 2017f 2018f 2019f
e/f = BMI estimate/forecast. Source: EIA/BMI
Crude, NGPL & other liquids prod, 000b/d 107.0 109.1 107.1 105.1 118.4 131.4 143.9
Refined products production & ethanol, 000b/d 2,061.6 1,855.5 1,911.1 1,796.5 1,724.6 1,724.6 1,726.3
Dry natural gas production, bcm 8.4 8.1 7.9 7.6 7.4 7.2 7.0
Dry natural gas consumption, bcm 74.5 74.9 75.5 76.3 77.1 77.7 78.3

The main developments in Italy's oil and gas sector:

  • Italy is making notable progress in speeding up its exploration and production permitting process, as part of its wider aim to boost production and reduce the country's overall import bill. We believe this trend will accelerate, especially in the country's Adriatic offshore acreage, consistent with a regional trend of increasing interest in the prospective Adriatic.

  • US-based Sound Oil will drill the second well in the Carita licence, which includes the Nervesa gas discovery, in northern Italy, after securing drilling authorisation from the Italian Ministry of Economic Development in February 2015. There are no further outstanding regulatory consents required to begin the drilling of the well.

  • In early January 2015, Canada-based Avanti Energy has signed a purchase and sale agreement (PSA) with Dove Energy to acquire Italy-based CMI SpA. The acquisition is valued at about USD5.78mn, which includes USD1.53mn in cash and...

Table of Contents

BMI Industry View
7
Table: Headline Forecasts (Italy 2012-2018)
7
SWOT
8
Industry Forecast
9
Upstream Exploration
9
Table: Proven Oil and Gas Reserves (Italy 2012-2017)
9
Table: Proven Oil and Gas Reserves (Italy 2018-2023)
9
Upstream Projects
14
Table: Upstream Projects
14
Upstream Production - Oil
15
Table: Oil Production (Italy 2012-2017)
15
Table: Oil Production (Italy 2018-2023)
15
Upstream Production - Gas
17
Table: Gas Production (Italy 2012-2017)
17
Table: Gas Production (Italy 2018-2023)
17
Refining
20
Table: Refining Capacity and Refined Products Production (Italy 2012-2017)
20
Table: Refining Capacity and Refined Products Production (Italy 2018-2023)
20
Refined Fuels Consumption
23
Table: Refined Products Consumption* (Italy 2012-2017)
23
Table: Refined Products Consumption* (Italy 2018-2023)
23
Gas Consumption
25
Table: Gas Consumption (Italy 2012-2017)
25
Table: Gas Consumption (Italy 2018-2023)
25
Trade - Oil
27
Table: Crude Oil Net Exports (Italy 2012-2017)
27
Table: Crude Oil Net Exports (Italy 2018-2023)
27
Table: Refined Fuels Net Exports (Italy 2012-2017)
29
Table: Refined Fuels Net Exports (Italy 2018-2023)
29
Table: Total Net Oil Exports - Crude and Products (Italy 2012-2017)
30
Table: Total Net Oil Exports - Crude and Products (Italy 2018-2023)
31
Trade - Gas (Pipeline & LNG)
32
Table: Gas Net Exports (Italy 2012-2017)
32
Table: Gas Net Exports (Italy 2018-2023)
32
Industry Risk Reward Ratings
37
North America And Western Europe - Risk/Reward Ratings
37
Table: North America & Western Europe States Oil & Gas Risk/Reward Ratings
38
Upstream: US Nearly On Par With Canada
38
Table: Oil & Gas Upstream Risk/Reward Ratings
38
Western Europe Languishes Without Shale Outlook
41
Downstream: US Comes Out Tops
43
Table: Oil & Gas Downstream Risk/Reward Ratings
43
Italy - Risk/Reward Ratings
47
Italy Upstream Rating
47
Italy Downstream Rating
47
Market Overview
48
Italy Energy Market Overview
48
Italy - Major Upstream Projects
50
Table: Upstream Projects Database
50
International Relations
50
Oil And Gas Infrastructure
52
Oil Refineries
52
Table: Refineries In Italy
52
Service Stations
54
Oil Storage Facilities
54
Oil Terminals/Ports
54
Oil Pipelines
54
LNG Terminals
55
Table: Italy - LNG Terminals
57
Gas Storage Facilities
58
Gas Pipelines
58
Competitive Landscape
63
Competitive Landscape Summary
63
Company Profile
65
Eni
65
ERG
71
Royal Dutch Shell
77
Po Valley Energy
80
Other Summaries
83
Regional Overview
88
Industry News
88
Industry News
97
Global Industry Overview
106
Global Energy Market Overview
106
Appendix
112
Global - Crude Oil, Refined Fuels And Natural Gas Prices, 10-year Forecasts
112
Table: Energy Price Forecasts, 2012-2017
112
Table: Energy Price Forecasts, 2018-2023
113
Developed Europe - Regional Appendix
115
Table: Oil Consumption - Historical Data And Forecasts, 2011-2018 ('000b/d)
115
Table: Oil Consumption - Long-Term Forecasts, 2015-2023 ('000b/d)
116
Table: Oil Production - Historical Data And Forecasts, 2011-2018 ('000b/d)
116
Table: Oil Production - Long-Term Forecasts, 2015-2023 ('000b/d)
117
Table: Refinery Capacity - Historical Data And Forecasts, 2011-2018 ('000b/d)
117
Table: Refining Capacity - Long-Term Forecasts, 2015-2023 ('000b/d)
118
Table: Gas Consumption - Historical Data And Forecasts, 2011-2018 (bcm)
118
Table: Gas Consumption - Long-Term Forecasts, 2015-2023 (bcm)
119
Table: Gas Production - Historical Data And Forecasts, 2011-2018 (bcm)
119
Table: Gas Production - Long-Term Forecasts, 2015-2023 (bcm)
120
Table: LNG Gas Imports (Exports) - Historical Data And Forecasts, 2011-2018 (bcm)
120
Table: LNG Gas Imports (Exports) - Long-Term Forecasts, 2015-2023 (bcm)
121
Italy - Total Hydrocarbons, 10-year Forecasts
122
Table: Total Hydrocarbons Production, Consumption and Net Exports (Italy 2012-2017)
122
Table: Total Hydrocarbons Production, Consumption and Net Exports (Italy 2018-2023)
122
Italy - Refined Products Breakdown, 10-Year Forecasts
123
Table: Refined Petroleum Products, Production Breakdown (Italy 2012-2017)
123
Table: Refined Petroleum Products, Production Breakdown (Italy 2018-2023)
124
Table: Refined Petroleum Products, Consumption Breakdown (Italy 2012-2017)
125
Table: Refined Petroleum Products, Consumption Breakdown (Italy 2018-2023)
126
Table: Refined Petroleum Products, Net Exports Breakdown (Italy 2012-2017)
127
Table: Refined Petroleum Products, Net Exports Breakdown (Italy 2018-2023)
128
Glossary
130
Table: Glossary Of Terms
130
Methodology
132
Industry Forecast Methodology
132
Source
134
Risk/Reward Ratings Methodology
134
Table: Bmi's Oil & Gas Upstream Risk/Reward Ratings
136
Table: Weighting
137

The Italy Oil & Gas Report has been researched at source and features BMI Research's independent forecasts for Italy including major indicators for oil, gas and LNG, covering all major indicators including reserves, production, consumption, refining capacity, prices, export volumes and values. The report includes full analysis of industry trends and prospects, national and multinational companies and changes in the regulatory environment.

BMI's Italy Oil & Gas Report provides professionals, consultancies, government departments, regulatory bodies and researchers with independent forecasts and competitive intelligence on the Italian oil and gas industry.

Key Benefits

  • Benchmark BMI's independent oil and gas industry forecasts for Italy to test consensus views - a key input for successful budgeting and strategic business planning in the Italian oil and gas market.
  • Target business opportunities and risks in the Italian oil and gas sector through reviews of latest industry trends, regulatory changes and major deals, projects and investments in Italy.
  • Assess the activities, strategy and market position of your competitors, partners and clients via our Company Profiles (inc. SWOTs, KPIs and latest activity) and Competitive Landscape Tables.

Coverage

BMI Industry View

Summary of BMI’s key forecasts and industry analysis, covering oil and gas reserves, supply, demand and refining, plus analysis of landmark company developments and key changes in the regulatory environment.

Industry SWOT Analysis

Analysis of the major Strengths, Weaknesses, Opportunities and Threats within the upstream and downstream sectors and within the broader political, economic and business environment.

BMI Industry Forecasts

Historic data series and forecasts to end-2024 for all key industry indicators, supported by explicit assumptions, plus analysis of key downside risks to the main forecast:

  • Pricing: Oil price (USD/bbl, WTI, Brent, OPEC basket, Urals); oil products prices (unleaded gasoline, gasoil/diesel, jet/kerosene – USD/bbl) at global hubs.
  • Production, Consumption, Capacity & Reserves: Proven oil reserves (bn barrels), production, consumption, refinery capacity and throughputs (‘000b/d); proven gas reserves (tcm), production and consumption (bcm) and fuels trade.
  • Imports & Exports: Crude oil exports/imports (‘000s b/d) and value of crude oil trade in USD. Fuels exports/imports (‘000s b/d) and value of fuels trade in USD. Natural gas imports/exports (bcm), by pipeline and/or LNG, and value of natural gas trade.

BMI’s Oil & Gas Risk Reward Index

BMI’s Risk Reward Indices provide investors (independents, NOCs, IOCs, oil services companies) looking for opportunities in the region with a clear country-comparative assessment of the upstream and downstream market’s risks and potential rewards. Each of the country markets are scored using a sophisticated model that includes more than 40 industry, economic and demographic data points to provide indices of highest to lowest appeal to investors, with each position explained.

Market Overview

A profile of the upstream and downstream sectors, including analysis of reserves, output, consumption and trade of energy products; overview of the industry landscape and key players; assessment of the business operating environment and the latest regulatory developments.

Competitive landscape

Comparative company analyses by USD sales, % share of total sales, number of employees, year established, ownership structure, oil production (‘000b/d), gas production (bcm), downstream capacity (‘000b/d) and % market share.

Company Profiles*

Examines the competitive positioning and short- to medium-term business strategies of key industry players. Strategy is examined within the context of BMI’s industry forecasts, our macroeconomic views and our understanding of the wider competitive landscape to generate Company SWOT analyses. The latest financial and operating statistics and key company developments are also incorporated within the company profiles, enabling a full evaluation of recent company performance and future growth prospects.

Regional Overview

Regional perspective on size and value of the industry. Plus comparative rankings by production, refining, imports and exports of oil, gas and LNG.

Global Oil Market & Oil Products Outlook

Based on our country coverage of over 99% of global oil and gas production and consumption, BMI provides demand, supply and price forecasts to end-2024 for oil, gas and oil products.

Sources

The Oil & gas Reports draw on an extensive network of primary sources, such as multilateral organisations, government departments, industry associations, chambers and company reports.

*Company profiles are not available for every country. Those reports instead contain information on the current activities of prominent companies operating in the market.

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Testimonials

'An essential, multi-faceted research tool. BMI’s thorough understanding of the major market players enables an informed – and informative – review of the sector’s actual performance, together with useful insights into current industry issues, which are topped-off with detailed and invaluable forecasts of industry and macroeconomic trends.’

Senior Research Analyst, ABC International Bank plc