According to the 2008 BP Statistical Energy Survey, Italy had proved oil reserves of 0.781 billion barrels at the end of 2007 or 0.06 % of the world's reserves. According to the 2008 BP Statistical Energy Survey, Italy produced an average of 121.6 thousand barrels of crude oil per day in 2007, 0.15% of the world total and a change of 1.5 % compared to 2006. Italy is a large consumer and importer of oil. According to the 2008 BP Statistical Energy Survey, Italy consumed an average of 1745.06 thousand barrels a day of oil in 2007, 2.1% of the world total and a change from 2006 of -67.08 tbpd.
Eni is the largest oil and natural gas company in Italy.
Over the past decade natural gas consumption has grown rapidly. According to the 2008 BP Statistical Energy Survey, Italy had 2007 proved natural gas reserves of 0.08 trillion cubic metres, 0.05% of the world total, and natural gas production of 8.9 billion cubic metres, 0.3% of the world total. During the same period, Italy consumed of 77.83 billion cubic metres of natural gas, 2.65% of the world total.
In April 2007, the European Commission and representatives of seven European governments signed an agreement to begin construction of the Pan-European Pipeline (also known as the Constanta-Trieste Pipeline), which would link Constanta, Romania with Trieste, Italy, allowing crude oil from the Black Sea region to bypass the congested Bosporus Straits.
According to the 2008 BP Statistical Energy Survey, Italy had a 2007 refinery capacity of 2329 thousand barrels a day, 2.64% of the world total.
