According to the Oil and Gas Journal (OGJ), Italy had proven crude oil reserves of 622 million barrels in 2006, the third-largest in the EU behind the UK and Denmark. The country consumed 1.8 million barrels per day (bbl/d) of oil in 2005, a 3 percent decrease from the previous year. A general slowdown in economic growth was the principle cause of the decline in oil consumption. Italys domestic oil production in 2005 (total liquids) was 155,000 barrels per day (bbl/d), sufficient to meet only 9 percent of domestic oil needs. As a result, according to Eurostat, Italy imported 1.8 million bbl/d of crude oil in 2005, with the largest sources of these imports being Libya (25 percent), Russia (23 percent), and Saudi Arabia (13 percent).
Eni is the largest oil and natural gas company in Italy. In 1992, the Italian government passed legislation to transform Eni from a wholly state-owned enterprise into a joint-stock company. The government has slowly reduced its holdings in the company since the 1990s, but it still remains the single-largest shareholder with about one-third of total shares. In 2005, Enis global hydrocarbon production (including liquids and natural gas) amounted to 1.7 million barrels of oil equivalent per day (boe/d), making it one of the largest oil and gas companies in the world. The companys hydrocarbon reserves totaled 6.8 billion boe in 2005, spread throughout the globe.
Italy produced 115,000 bbl/d of crude oil in 2005, with some 75 percent of that production coming from Eni. Three projects contributed over 70 percent of Enis total production in Italy: Val dAgri in southern Italy, Villafortuna in the north, and Aquila off the south-east Adriatic coast. Other important oil fields in the country include Ropso, Vega, Gela, and Ragusa. French oil major Total is leading development of the the Tempa Rossa project, adjacent to Val dAgri. Tempa Rossa contains an estimated 200 million barrels of oil, and Total expects the project to come on stream by 2007, with peak production of 50,000 bbl/d.
In December 2001, Eni completed the 85-mile Monte Alpi pipeline, with a capacity of 150,000 bbl/d. The Monte Alpi system connects the Val dAgri oil project with Enis Taranto refinery.
According to OGJ (1/1/06), Italy had 2.3 million bbl/d of total refining capacity, the largest in the EU. The country has seventeen major refineries, concentrated along the Mediterranean coastline. The largest refinery in the country is the 300,000-bbl/d Sarroch facility on the island of Sardinia, operated by Saras S.p.A. Eni controls five refineries with combined capacity of 553,000 bbl/d, making it the largest refining company in the country. It also holds a 50 percent stake in the 241,000 bbl/d Milazzo plant. Eni reported that it achieved near 100 percent utilization at its facilities in Italy during 2005. Other large refining companies include ERG (453,000 bbl/d) and ExxonMobil (372,000 bbl/d).
Italy is a net exporter of refined petroleum products. According to Eurostat, the country imported 13.6 million metric tons (mt) and exported 27.6 million mt of petroleum products in 2005. The largest amount of product imports came from Libya (24 percent), the United States (17 percent), and Algeria (10 percent), while the largest amount of product exports went to Spain (18 percent), the Belgium (8 percent), and the United States (7 percent).