Mitsui to buy quarter stake in Italy's Tempa Rossa field

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.

Related Articles

Judge bars Anadarko e-mails as evidence in Macondo blowout hearing

03/21/2014 A federal district judge in New Orleans refused to accept e-mails between Anadarko Petroleum Corp. and BP PLC as evidence in a hearing to determine...

Industry group welcomes most UK budget moves

03/21/2014 Oil & Gas UK voiced support for all but one of several measures affecting the offshore producing industry announced in the UK government’s annu...

MARKET WATCH: Crude oil, gas futures prices slide entering spring


The first day of spring in the northern hemisphere was marked by lower crude oil and natural gas futures prices.

OMV acquires West of Shetland licenses from Hess

03/21/2014 OMV AG has reached an agreement with Hess Corp. to acquire four licenses in West of Shetland, UK, including Cambo field and the Blackrock prospect,...

Careers at TOTAL

Careers at TOTAL - Videos

More than 600 job openings are now online, watch videos and learn more!


Click Here to Watch

Other Oil & Gas Industry Jobs

Search More Job Listings >>
Stay Connected