Follow us:
Subscribe to our newsletter

logo

  • News
  • Projects
  • Business and Finance
  • Innovation
  • Products and Services
  • Events
  • Online Magazine
  • Advertise
  • Contact
Home
  • News
  • Projects
  • Business and Finance
  • Innovation
  • Products and Services
  • Events
  • Online Magazine
  • Advertise
  • Contact
Quotes by TradingView

Italian Parliament approves Bill to suspend exploration and production

13 Feb, 2019
172
Image via. Pixabay.


The Italian Parliament has approved a Bill to suspend oil and gas operations for 18 months to enable government authorities to evaluate the suitability of exploration areas for sustainable hydrocarbon exploration and production activities (The Plan).

Under the new legislation it is intended that the Ministries of Economic Development and Environment review all areas in Italian onshore and offshore territories to determine which are suitable for sustainable hydrocarbon prospecting, exploration and development activities (E & P activities).

All areas will be assessed on the basis environment, social and economic suitability.

Offshore areas will be considered on the basis of potential ecosystem effects, in addition to impacts on sea routes, fishing and potential interference with the coastal communities. Any areas that are considered to be suitable for E & P activities will be able to resume.

Additionally, if ‘The Plan’ is not enacted within two years, activities will resume as normal.

The precise wording of the new law is expected to become available once it is published in the Official Government Gazette, which will occur once the President of Italy has approved and signed the new law.

Two ASX-listed oil and gas companies with operations in Italy are ADX Energy Ltd and Po Valley Energy Limited.

The news follows Po Valley’s recent report of identifying a maiden reserve of 13.3 billion cubic feet to their majority-owned onshore Selva gas field in northern Italy.

ADX anticipates that their d 363C.R-.AX permit offshore Sicily containing the Nilde oil field will be appropriately assessed to the E&P guidelines. Yet, the company has requested a reduction in permit area by approximately 55 per cent to minimise perceived impact.

The reduced area is expected to include the Nilde oil field, the Norma and Naila discoveries as well as the most prospective areas for future exploration.

On the positive side, it is believed that ‘The Plan’ could result in a more efficient framework for achieving environmental approvals for operations in pre-approved areas, which would greatly benefit national and international oil and gas companies.

Petroleum Australia anticipates that more information on this story is still to come.

Related Articles

activities

Natural gas energises Western Australia to another budget surplus

Woodside and BHP

To be ship shape Australia’s new fleet must be geared for gas

M&A deal activity in the oil and gas industry declined by 41% in Q1 2022

Surat Gas Project

Arrow Energy fined for breaches to land access framework

Comments

Leave a comment Cancel reply

You must be logged in to post a comment.

all news all projects

Latest Posts

  • Latest News
  • Latest Projects
27 Jun

Bullish gasoline market wreaks havoc on European petrochemicals: ICIS

16 Jun

Microfossils provide clues about Australia’s petroleum potential

15 Jun

AEMO makes unprecedented decision to suspend energy market

15 Jun

Wage rises to be felt, but lack of skilled workers a bigger issue

15 Jun

Sanctions weaken oil and gas construction pipeline in Eastern Europe

17 Jun

Esso Australia starts technical tender for Bass Strait decommissioning

17 Jun

Study to check feasibility of turning Torrens Island into a hydrogen hub

17 Jun

AXP energy boosts production with low-cost well re-completion in the US

15 Jun

bp to lead and operate WA renewables and green hydrogen energy hub

15 Jun

Partners to develop offshore renewable green hydrogen production

Online Magazine

    Current Cover
  • Login
  • Subscribe

Subscribe

Subscribe to our newsletter or print magazine

Our Titles

  • Home
  • Contact Us
  • Terms and Conditions
  • Privacy
© Sage Media Group 2022 All Rights Reserved.
×
Authorization
  • Registration
 This feature has been disabled
 This feature has been disabled until further notice, however you may still register
×
Registration
  • Autorization
Register
* All fields required