Energean questions Italy’s aversion to upstream activity

Offshore staff

ATHENS, Greece — Energean has expressed disappointment at decisions taken this week by the Italian Council of Ministers on domestic energy and gas diversification and security of supply.

The company pointed out that Italy has significant hydrocarbon resources (mainly natural gas) that could be harnessed to provide energy and socioeconomic security. However, the Council of Ministers appear to disregard this value, it said.

Instead, the government will pin its hopes on exporters.

Italy’s continued ban on upstream activity, combined with a windfall tax, creates problems for the upstream sector, Energean noted, questioning whether the government wants international companies to invest or divest.

“We agree with the push for renewables as the primary pillar of energy transition," Energean stated in a recent press release. "Domestically produced gas and renewables are the perfect combination; gas provides the catalyst for and foundation of a more sustainable energy system and inherently balances intermittent renewable energy.”

CEO Mathios Rigas said, “We call on all stakeholders to reconsider this policy and include a focus on energy and socioeconomic security by permitting domestic upstream investment.”

05.06.2022