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 import in the UE is considered to be 47% in 2007 to get to 75% in 2020, in this context a development of import infrastructures and a development of national storage capacity can be easily foreseen.

Geogastock is the holder, at MSE (Ministero dello Sviluppo Economico), of two Procedure for the assignment of the Storage Concessions named Grottole/Ferrandina (Conc. Cugno Le Macine) and Pisticci (Conc. Serra Pizzuta) in Matera province, Basilicata Region, in the municipalities of Ferrandina, Salandra and Pisticci.

The two fields, which have the adequate features for gas storage, had already been used for storage activities, from 1977 to 1985, and then casted off because the storage market demand in the '80 was strongly lesser than actual.

The Ministero dell’Ambiente has carried out the procedure on the Project Environmental Compatibility and, in February 2009, the Compatibility Decree was emitted.

At the present moment the MSE (Ministero dello Sviluppo Economico) is carrying out the procedure for the Concession Granting (which will last 20 years, followed by two ten-year renewals) which is expected to be completed by the end of 2009.

The activity is expected to start in 2012 and the expected Working Gas is, at the beginning, of about 800 MScm with a peak daily rate of about 8 MScm/g.