Total has finalized an agreement to sell a 25% interest in the Tempa Rossa field, located in the Basilicata region of southern Italy, to Mitsui. The Group is retaining a 50% interest in the Gorgoglione concession and operatorship. Shell holds the remaining 25%. The transfer of interests will take effect after the Italian authorities have approved the transaction.
The Tempa Rossa field is scheduled to come on stream in early 2016, producing 50,000 bbl/d at plateau, along with 230,000 m3/d (84 mcm/year) of natural gas and 240 t/d of LPG. Italy’s oil production will increase nearly 40% as a result. The development represents an investment of €1.6bn. Total awarded the EPC contracts in 2012.
Source: Total