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Italy's offshore ban threatens development of 440 mmboe

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The Italian government has reintroduced restrictions on offshore oil and gas activity as part of the 2016 budget passed in December 2015. The ban restricts exploration and development activity for non producing projects within 12 nautical miles of the coast and is effective from 1 January 2016. The exact terms are not clear but if all non producing projects are impacted this would comprise six companies 12 projects and 440 mmboe of discovered resources. If discoveries on production licences remain exempt six companies five projects and 146 mmboe will be impacted. Major projects included in the ban are Ombrina Mare Elsa and Panda. Eni and the government are both likely to be heavily impacted.

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