Mitsui & Co. Ltd., Tokyo, will acquire Total SA’s Italian subsidiary that holds a 25% participating interest in supergiant Tempa Rossa oil field in southern Italy, the largest proved undeveloped onshore oil field in Western Europe, from which production is projected to start in 2016.
Total, which has operated the concession since 2002, will remain operator of Tempa Rossa with a 50% participating interest (OGJ Online, Sept. 4, 2002).
Tempa Rossa has an estimated 6-10 billion bbl of original oil in place in Potenza Province of Italy’s Basilicata state and at 2,000 m one of the world’s thickest oil reservoirs. Recoverable reserves are estimated at 440 million bbl of oil equivalent.
Six exploratory wells have been drilled and long-term tested to confirm production capacity.
Total and partner Royal Dutch Shell PLC made a final investment decision in July 2012 and began development. Project cost is estimated at 1.6 billion euros.
Estimated peak production rates are 50,000 b/d of crude oil and 240 metric tpd of liquified petroleum gas.
Mitsui said Tempa Rossa is expected to continue production and generate income for more than 50 years and is expected to become a core asset in the company’s energy business in the region. The extensive oil in place provides potential for improving the recovery factor.