The study aims to examine the advantages and disadvantages of the petroleum extraction in Basilicata, as well as to analyze its impact on economy, environment and public health.
The introductory part provides a brief overview of the theories of global and local sustainable development, with special attention given to the area of Val d’Agri in Basilicata. The study then proceeds to examine various memoranda of understanding signed between the Region of Basilicata and the petroleum companies in question, in order to highlight which of the points included in these agreements have effectively been respected after twenty years of petroleum extraction. The research further focuses on the socio-economic impact of the extractive industry on the local resources from the 1990’s until today. It evaluates the damages caused by petroleum extraction to the environment, economy and public health, which have recently brought about a temporary closure of the extraction facilities.
The research leads to the conclusion that the extractive industry has in fact weakened the local production systems and, as a consequence, led to a decrease in new investments in the area of Val d’Agri and in the entire region, despite a threefold increase of the share of royalty payments in the local budget. It can be stated with certainty that the exploitation of the petroleum resources in Val d’Agri, which had initially been perceived as a springboard for economic development of the entire region, has eventually proved to be the cause of an impoverishment of the area, having a negative impact on the food supply chain and impeding the development of tourism.