BMI View: Italy’s energy situation is to progressively improve on the short term, with stable production, falling consumption and enhanced import infrastructure. The public rejected state efforts to revive its nuclear strategy, clearing the way for gas volumes to rise steadily higher – forcing the import bill up at the same pace. However, the energy strategy unveiled in October 2012 seeks to reduce oil imports to 67% of Italian needs by 2020. We do not expect that this target will be met, despite increase in domestic production from Total’s Tempa Rosa Field in 2016. We believe gas production will be …
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