Production has started at Mitsui & Co.'s first onshore oil field in Italy, Tempa Rossa in December 2019. Tempa Rossa is currently producing 25,000 barrels as ramp up phase.
Mitsui has a 25% stake in the onshore field which is expected to produce 50,000 barrels of oil a day at its peak for Italian and overseas markets. The operator is Total E&P Italia S.p.A (50%) with Shell Italia E&P S.p.A holding the other 25% share.
The oil is being exported via an existing pipeline to Taranto refinery in southern Italy where it is being used as feedstock or exported. The field will also produce 240 metric tons of liquefied petroleum gas (LPG) and 80 metric tons of sulfur a day.
Six out of eight wells planned for the field have been completed with facilities in place to process the crude oil and gas and store LPG.
The project is a key addition to Mitsui's core resources and energy business, contributing to the ongoing development of a high-quality portfolio in the upstream sector and further strengthening the company's earnings base.
Over the coming decades the field is expected to be a significant contributor to southern Italy's economy, creating some 1,500 jobs directly and indirectly and providing a secure domestic source of energy.
Located in the Basilicata region, mainly in the territory of the Municipality of Corleto Perticara, it has been developed to minimize environmental impacts by using state of the art technology including environmental protection and monitoring systems.
Mitsui's stake is owned through its subsidiary Mitsui E&P Italia (60% owned by Mitsui and 40% owned by Mitsui Oil Exploration Co., Ltd. (a subsidiary of Mitsui in which Mitsui has 74.27% equity interest)).
Mitsui & Co (8031: JP) is one of the largest global trading and investment companies with a robust international network spanning 66 countries and a diversified business portfolio, working with an extensive network of partners that include many of the world's most successful companies.
Its outstanding long-term performance is founded on strong and expanding core business in Energy and Resources, Machinery & Infrastructure, and Chemicals integrated with growing bold and innovative businesses in Health, Environment, Mobility, Nutrition & Agriculture, and Retail & Services. The overall strategy responds to the increasing global urgency for sustainability focusing on creating an eco-friendly society, improving living standards and providing a sustainable supply of essential products.
Mitsui's deep roots in Asia have established a diverse and strategic portfolio of partners that gives it a strong differentiating edge in the world's fastest growing region, providing exceptional access for its global partners while strengthening Mitsui's international portfolio. This gives Mitsui a unique, unobstructed view of world markets allowing it to anticipate global and regional trends and turn them into growth opportunities. This creates value for partners, stakeholders, and shareholders who also benefit from Mitsui's international marketing skills across multiple industries that have been developed through its long-term trading heritage.