Italian oil production first peaked in 1997 although
output has briefly recovered as new onshore fields have been developed
and as offshore production went onstream in the Adriatic Sea. Decline is
now forecast from onshore regions but offshore should see modest growth
in the longer term as deeper waters are exploited.
Italian gas production is relatively substantial for southern Europe but
has been declining since the mid 1990s, especially from the onshore Po
Valley. However output is expected to increase a little despite
depletion of older fields, as new deeper water fields are brought
onstream in the Adriatic and Ionian Seas, and in the Sicily Channel.
consumption of oil has been declining for many years whilst gas
consumption has grown with the economy.
Imports of oil have now stabilised but gas imports are slowly increasing
since indigenous production is insufficient to offset new demand. After
a flat period up to 2009 Italy will import increasing amounts of piped
gas from Algeria and Russia as well as LNG from Algeria and Nigeria.