The total value is difficult to predict in detail, because it will depend on the price of crude oil in the next ten years, but an estimate can already be made with a good approximation.
A shower of oil money is about to arrive in Basilicata. Between 120 and 140 million a year are in sight from royalties for the extraction of crude oil, methane and LPG from the two fields in the subsoil of the Val d’Agri (Potenza). But, here is the news, to the legal royalties must be added between 60 and 70 million a year – in all up to 700 million in ten years – of additional compensation agreed the other week from Eni with the Region.
A much higher figure, six or seven times, compared to the agreements that were agreed twenty years ago and that had expired in October 2019.
The combination of legal royalties and new compensation just agreed means more than 200 million a year, a figure to be multiplied for ten years: in all, a couple of billion euros on the Region and on the Municipalities concerned.
Meanwhile, the other colossal field begins to be extracted with open taps, that of Total in Tempa Rossa on the mountains that unite the provinces of Potenza and Matera, where, for example, on Thursday 13 May they were extracted. 39,667 barrels . For now, it is not possible to draw up detailed estimates on the revenue that Tempa Rossa will give to Basilicata.
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How far is Norway
How do you make the transition to new forms of energy, more sustainable than fossil fuels? Many invoke to close the national fields for the benefit of imported gas and oil; instead Basilicata would like to imitate what Norway is doing at the other end of Europe. That is: those who continue to use oil pay the Norwegians (and in the future perhaps also the Lucanians) for the expensive transition without making the extra costs fall on the pockets of the citizens.
Norway extracts oil and gas, exports them and thus charges for environmental incentives or the use of pure electric cars, and so Norway has allowed itself to ban the marketing of fossil fueled cars.
In a similar way, Basilicata could use those 50-70 thousand barrels extracted every day from the subsoil of Val d’Agri and 30-50 thousand from Tempa Rossa to extract as much wealth as possible from the pockets of oil companies and consumers of petroleum products. the energy transition, business innovation, the abandonment of fossil fuels, better environmental and social quality, the well-being of citizens but also to enhance agricultural traditions and qualities and to promote artists and culture.
Unfortunately, so far the Basilicata Region has not shown Norwegian efficiency in investing the proceeds of crude oil.
The source where the oil flows
On the mountains of Basilicata there are two large oil areas, namely the two fields of Val d’Agri (Eni with 60.77% and Shell with 39.23%) and the new Tempa Rossa field (Total with Shell).