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

Market watch: Energy futures prices rose slightly Friday

05/06/2002 Crude oil futures prices rose slightly Friday amid lingering uncertainty about a possible disruption of Middle East supplies, although tensions in ...

Gulf of Mexico oil service sector showing signs of an upturn

05/06/2002 The Gulf of Mexico oil service sector is experiencing the signs of an upturn, analysts with Simmons & Co. International, UBS Warburg LLC, and RBC D...

OTC: Industry, national agencies need to work together to make FPSOs work in the gulf

05/06/2002 Over the coming years, the oil and gas industry will have to keep an open line of communication with national agencies such as the US Coast Guard a...

Market watch: Energy futures prices fall as Iraq lifts embargo

05/07/2002 Crude oil futures prices fell Monday after Iraq announced plans to lift a self-imposed export embargo with exports expected to resume by Wednesday.

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