Italy plans to double its oil, gas production by 2020

MILAN: Italy intends to double its domestic production of oil and gas by 2020 and boost renewable energy power generation as it moves to cut consumers' energy costs and boost flagging economic growth.

A new energy strategy, presented to the cabinet on Tuesday, said it aims to have 14 percent of its energy needs met by domestic production by 2020 from the current 7 percent.

The move is part of a packet of measures Rome says will help reduce imports to 67 percent of the country's energy needs from 84 percent at present, while also slashing 14 billion euros ($18.23 billion) per year off its 62 billion euro energy import bill.