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.