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レポート概要
| 本調査資料は、イタリアの石油＆ガス市場について調査し、イントロダクション、調査手法、エグゼクティブサマリー、市場概要、部門別分析、競争状況、市場機会/将来の見通しなどを徹底分析したものです。 |
The market for oil and gas in Italy is expected to grow at a CAGR of approximately more than 2.0% during the forecast period. The COVID-19 pandemic has severely affected the country with a large number of cases and deaths taking place in different regions across the country in 2020. Coupled with an economic slowdown, consumption is expected to reduce severely which is expected to reduce the growth in the market. The primary driver for the market is expected to be the demand for natural gas in its power sector, which contributed to more than 40% of gross electricity production during 2019. However, the Italian government emphasizes shifting towards renewable energy resources to reduce its carbon footprint and this, in turn, is expected to hinder the market growth during the forecast period.
– Natural gas is a significant segment in Italy’s oil and gas market. Being a net importer of natural gas, it imports a significant volume of natural gas through pipelines from Russia, Algeria, and Libya.
– Italy has a proven gas reserve of around 1.6 trillion cubic feet of natural gas and 0.4 thousand million tonnes of crude oil as of 2019. Intending to boost domestic production, the Italian government has simplified the administrative procedures for the installation of oil production units. Single Procedure and Conference of Administrations have been introduced in the licensing process to simplify and speed up such operations. Moreover, the government has introduced incentives for developing secondary fields and for geophysical studies. Thus, proven reserves, with changes in the licensing process, is expected to create an opportunity for the market in the near future.
– Developments in the offshore and onshore oil and gas fields such as Teodorico Gas Field, Val d’Agri and Tempa Rossa is expected to drive the Italian oil and gas market. Teodorico Gas Field is expected to produce gas by 2022, while Val d’Agri and Tempa Rossa gas fields are expected to further support the oil-extracting industry during the upcoming years.
Key Market Trends
Midstream Segment to Witness Growth
– Italy’s midstream segment includes the oil and gas pipeline and storage facilities. As of 2019, the country has more than 391 kilometers of oil pipeline and 879 kilometers of natural gas pipeline. In the same year, there are nearly 10 natural gas storage facilities, with a total capacity of 16 bcm of natural gas.
– Italy primarily depends upon natural gas to meet its energy demand. With natural gas production of gas in Italy decreasing by 10.9% to 0.45 billion cubic feet per day, in 2019 from 0.50 billion cubic feet per day, in 2018. While the consumption of natural gas increased in the country, by 2.3% from 6.85 billion cubic feet per day, in 2019 from 6.70 billion cubic feet per day, in 2018. Increasing consumption increases the investments in the midstream industry, which has led to new investments being made in the pipeline sector
– In 2020, the Trans Adriatic Pipeline began delivering first gas from Azerbaijan to Italy on December 30, with 3 million cubic meter of technical gas supplied into the line. Shareholders of the TAP pipeline are some of Europe’s biggest energy companies: BP (20%), Snam (20%), Fluxys (19%), Enagas (16%) and Axpo (5%). Azerbaijan’s state-owned Socar, one of the developers of the Shah Deniz 2 gas field, holds the final 20%.
– There are seven long-term buyers of TAP gas destined for Italy, for a total of 8 Bcm/year: Shell, Engie, Uniper, Naturgy, Hera Trading, Enel and Axpo. In addition, DEPA has contracted for 1 Bcm/year of gas for Greece and Bulgargaz for 1 Bcm/year for Bulgaria. The pipeline is expected to fully commission by the end of 2021.
– Furthermore, Italy is expected to expand its midstream sector, with the installation of around 1677 kilometers of natural gas pipelines. Moreover, Italy is expected to add around 249 billion cubic feet (bcf) of underground gas storage capacity between 2019 and 2023, from 14 planned and announced underground gas storage sites. Thus, completion of these projects is expected to expand the downstream sector during the forecast period.
– Therefore, the midstream segment is expected to witness growth in the upcoming years due to new infrastructure projects and demand for natural gas.
Increasing Developments in Onshore and Offshore Fields to Drive the Market
– The country is engulfed with the Mediterranean sea on three sides which have recently discovered some oil and gas fields especially in the eastern region of the sea.
– In 2019, Italy has nearly 1594 producing wells (881 onshore and 713 offshore), of these, 1291 wells produce gas while the remaining 303 are mineralized by oil. A large percentage of these wells are concentrated in specific oilfields.
– The two important oilfields in the country are Val d’Agri and Tempa Rossa, which are responsible for approximately 6% of Italy’s oil and gas demand in 2019, and are expected to further support oil production during the forecast period. For instance, the operators of the oilfield Tempa Rossa have confirmed to produce nearly 50 thousand barrels of oil per day, which is expected to boost the oil production of the country.
– Moreover, Teodorico Gas Field is a recently approved gas field in Italy, which was awarded for exploration in July 2012 but was under various approvals for a long time. During starting of 2019, it has got the preliminary approval for environmental impact assessment and was expected to get the final approval at the end of 2019. The field is expected to have nearly 36 billion cubic feet of natural gas and is expected to have production in the second quarter of 2021.
– Though, the country mostly depends on imported natural gas to meet the demand but with its changes in exploration policies, it has the possibility to attract players to explore and to develop new fields. Developments of new fields is expected to reduce its import dependency and is expected to be self-reliant in the near future.
Competitive Landscape
The Italy oil and gas market is consolidated. Some of the major players in the Eni SpA, Edison SpA, Engie Italia SpA, SGS Italia S.p.A., BP plc, Total SA, and Zenith Energy Ltd.
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1 INTRODUCTION
1.1 Scope of the Study
1.2 Market Definition
1.3 Study Assumptions
2 EXECUTIVE SUMMARY
3 RESEARCH METHODOLOGY
4 MARKET OVERVIEW
4.1 Introduction
4.2 Italy Oil and Gas CAPEX Trends, till 2020
4.3 Italy Oil and Gas Production Forecast, in thousand barrels per day and billion cubic feet respectively, till 2026
4.4 Italy Oil and Gas Consumption Forecast, in thousand barrels per day and billion cubic feet respectively, till 2026
4.5 Recent Trends and Developments
4.6 Government Policies and Regulations
4.7 Market Dynamics
4.7.1 Drivers
4.7.2 Restraints
4.8 Supply Chain Analysis
4.9 PESTLE Analysis
5 MARKET SEGMENTATION – BY SECTOR
5.1 Upstream
5.2 Midstream
5.3 Downstream
6 COMPETITIVE LANDSCAPE
6.1 Mergers and Acquisitions, Joint Ventures, Collaborations, and Agreements
6.2 Strategies Adopted by Leading Players
6.3 Company Profiles
6.3.1 Eni SpA
6.3.2 Edison SpA
6.3.3 Engie Italia SpA
6.3.4 SGS Italia S.p.A.
6.3.5 BP plc
6.3.6 Total SA
6.3.7 Zenith Energy Ltd
7 MARKET OPPORTUNITIES AND FUTURE TRENDS