TotalFinaElf has recently become the operator of the Tempa Rossa oil field, located in the Basilicata region of southern Italy. The development of this field should be launched next year with first production expected in 2006.
Tempa Rossa will reach a production plateau of 50,000 barrels of oil per day. Oil production will be transported by pipeline to a refinery on the Italian coast at Taranto, from where it will be exported.
TotalFinaElf, which has recently purchased Eni's 25% interest in the Gorgoglione Concession, in which the Tempa Rossa field is located, now owns a 50% share in this Concession. Its partners are Enterprise Oil Italiana (25%) and Mobil Oil Italiana (25%).
Europe which is panic-stricken over the consequences of rising energy and food prices could strike a treacherous blow to Ukraine this winter, writes Simon Tisdall for The Guardian.