Daily Finance

Today our story is featured on the Daily Finance.

To readers of the Daily Finance, my Italian blog is here. This is how I have been communicating with Italians, on a day to day basis. Most of this battle has been conducted by educating the people about what drilling really means. On occasions I travel to Italy to give talks and try to answer all possible questions. I have been hopping from town to town and had the most heartwarming experiences, from people who were told 'it is just a little stick in the sea', or 'it is not a refinery, just an olive oil processing center'. I have also lobbied hard with the Catholic church to take a stand, with local polticians, with all and any who would listen. So far no oil project has been completed in Abruzzo, and I will not stop until the end.
I have been doing this for the past three years, from my Santa Monica home. The fact that Abruzzo is a community of farmers and fishermen does not mean Big Oil can come and do as they please.
If I can do it from a half a world away, anyone can.

Thanks to Lauren for picking up this story.

To PCI investors

"As I understand it, Petroceltic were assured by the Italian Ministry of energy that there were no problems with the issue of permits prior to Petroceltic entering into contractual obligations with others."

NOT TRUE. The Ministry does not assure anything. You think this is a private affair between Petroceltic and the Ministry? The law says that there are 60 days in which people can express their opinions. Well, we the people, including the Catholic church, winemakers, tourism operators, etc etc, we all expressed our opposition. The Ministry cannot ignore us, it is the law.

Who will compensate those companies affected?

When you drill, invest and play dice, there is something called risk. Simply, this was and will be a bad investment for Petroceltic. No one compensates you when you gamble and lose.

"The only concrete news regarding Italy is that they have made a request. To my logic, if a request is made the respondent has the option to say no. And until we know otherwise that might well be the case. Agreed there are mitigating circumstances that were unforeseen when the inital agreement was made."

Yes they made a request, and the people of Abruzzo came back with protests, letters to the Ministry, and marches. There never was an initial agreement. Petroceltic NEVER had permission to drill. They thought it would be easy and that their permits would be rubber stamped, but they left out the most important ingredient: us the people.

All those dates they give you, October 31st, July 1st is just blabber. They have no clue, because we the people don't want their rigs. It has been going on for months.
No is no is no. Another rally will occur on July 25th to protest Petroceltic and MOG.

Abruzzo against Petroceltic and Mediterranean Oil and Gas

Mr. Sergio Morandi and Mr. Brian O' Cathain, those gentlemen at Petroceltic and at Mediterranean Oil and Gas keep writing corporate-speak press releases about how nice they are to the people of Abruzzo and how they will drill us in an 'environmental' way. They even discuss their plans on how to bypass the new law passed by the Minister for the Environment, Stefania Prestigiacomo, to stop drilling within 12 miles of natural reserves and within 5 miles everywhere else.

From Dublin and London, they even use the word 'eco-drilling'; as if such a thing existed. Well, we are not going to let them insult our intelligence, nor drill our beaches. Here are a few videos of one of many marches and protests over the past few months to say NO to Petroceltic, MOG, Orca, Northern Petroleum, and to the Forest Oil Corporation. These are from May 30, 2010, in the town of Lanciano.

All major politicians have said NO to this project, including the president of the province and the coastal mayors of Abruzzo. Even the bishop said it is immoral to drill our waters!

We have been fighting big oil for the past 3 years. ENI - the seventh largest oil company in the world - packed up and left. Sirs, we are not going to let you destroy us.

GO DRILL YOUR OWN BEACHES!!

Bye Bye Ombrina Mare! Bye Bye Elsa!

Ha Ha Ha. Petroceltic just released this press release. They say the oil is 34 API and that they were supposed to start drilling in Q4 2010. What a joke. All over Abruzzo the API index is about 11/12. Just go look up what RospoMare has, and what ENI found on the proposed Miglianico oil field.
Heavy sour. So much so they needed a desulfurization plant.

Mr. O'Cathain, CEO of Petroceltic, DOES NOT EVEN KNOW HOW TO SPELL ABRUZZO RIGHT. Sir, shame on you. There has been no partnership whatsoever and to this day NOBODY wants you here.

Good news for Abruzzo, good news for Italians. Not so good news for oilmen and their investors.

Due to pressure from citizen groups, and due to the disaster that BP has made out of the gulf of Mexico, yesterday June 30 2010, the Italian minister for the environment, Stefania Prestigiacomo, announced that all drilling permits will be suspended sine die and retroactively for all drilling plans within 5 miles from the coast, about 9.2 km. In the case of natural reserves, the limit is extended to 12 miles, about 22 km.

This means that both Elsa and Ombrina Mare, as proposed by Petroceltic and Mediterranean Oil and Gas ARE OUT, since they are well within 9km from shore. Both are at about 5km or 6km from the coast. Both are right in front of the Parco Nazionale della costa dei Trabocchi.

We will keep monitoring and following the situation, since the news just came out yesterday.

But for now: Dear Petroceltic, Dear MOG: take your rigs, your FSPO, your dreams of becoming big players by exploiting the people of Abruzzo, take your oil plans and go hide yourselves!

It is sad that the gulf of Mexico had to turn into the mess it is, for our minister to come to this decision, but it is better than nothing.

Have a nice summer Mr. Sergio Morandi, have a nice summer Mr. Brian O'Cathain.