Italy plans to block issuing of 36 oil and gas exploration permits
The Italian government has outlined plans to block the issuing of about 36 permits to look for oil and gas resources as part of its strategy to cut the domestic carbon footprint. The development of additional upstream oil and gas activities is not deemed of strategic importance, since domestic oil and gas production accounts for only 7% of its demand. The remainder is imported and five foreign suppliers account for over 60% of crude oil supply, namely Azerbaijan, Iran, Iraq, Russia and Saudi Arabia. As for gas, key suppliers include Russia, Algeria, Qatar and Libya.
The government will focus on the development of renewable energy projects and predicts that 30% of the domestic energy consumption will be generated from renewables by 2030. Coal-fired power generation should be phased out as of 2025. In the longer run, Italy plans to phase out fossil fuels by 2050.
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