Rising Exploration Gets Adriatic On The E&P Map
BMI View : We see Global Petroleum's bid for exploration licenses in the Adriatic Sea as part of a broader resurgence of interest in the Adriatic Basin. With highly prospective and largely untested oil and gas plays opening up to the east, we reiterate that interest is expanding further afield from Italian waters and offshore Croatia, Montenegro and Albania will emerge as major European exploration hotspots over the coming years.
Australian independent Global Petroleum has announced progress in its bid to acquire four exploration permits in the southern Adriatic Sea, offshore the south-eastern Italian coast. As no other competitive bids for the permits were made, the Italian government has allowed Global to move forward in their application, and has called for an environmental compatibility submission. A timeframe for the final award of the permits has yet to be offered, pending satisfactory completion of the environmental report.
Resurgent Interest In The Southern Adriatic
|Consistent, But Bleak|
|Italian Oil Production and Consumption (000b/d) and Gas Production and Consumption (bcm)|