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Total launches development of Italy's Tempa Rossa
July 25, 2012 / 12:17 PM / 5 years ago

Total launches development of Italy's Tempa Rossa

PARIS, July 25 (Reuters) - Total has launched the development of the Tempa Rossa field in Southern Italy, which should come on stream in early 2016 and produce 50,000 barrels of oil, boosting Italy’s oil production by 40 percent, the French oil company said.

Total in a statement on Wednesday said the investment, along with its partner Royal Dutch Shell, was worth 1.6 billion euros ($1.93 billion). Shell owns a 25 percent stake in the project and Total owns the remainder.

Total also aims to produce 230,000 cubic metres of natural gas from the Tempa Rossa field. ($1 = 0.8275 euros) (Reporting by Caroline Jacobs, Editing by Gus Trompiz)

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