Gas storage

Geogastock is a stock company founded in order to operate in the business of natural gas storage in deep geological unities.

The dependence on gas imports in the EU (47% of consuntion in 2007) is estimated to reach the 75% in 2020 finally is deemed necessary an increase of the import infrastructure and storage capacity.

At the Italian Ministry for Economic Development Geogastock is the holder of the procedure for the assignment of storage grants of Grottole/Ferrandina (Conc. Cugno Le Macine) and Pisticci (Conc. Serra Pizzuta) gas fields, in the province of Matera, Basilicata region, in the municipalities of Ferrandina, Salandra and Pisticci.

The gas fields, which have the perfect features for gas storage, had already been used for storage activities from 1977 to 1985 and later abandoned due to lack of market demand.

In February 2009, the Italian Ministry of Environment, has successfully completed the evaluation of Project Environmental Compatibility.

In April 2010 the Project, in accordance with the Legislative Decree 334/99 "Seveso Bis", has obtained the Preliminary Feasibility Authorisation.

The Italian Ministry for Economic Development is currently carrying out the allocation of grants (for a period of 20 years, followed by two ten-year renewals) which is expected to be completed by the end of 2010.

The storage activity is expected to start in 2013 and the expected working gas is originally estimated in about 800 MScm, with a peak flow of about 8 MScm/g; after optimisation it is possible to hypothesize a working gas of about 1400 MScm.