In 2006 Chile had only 150 million barrels of crude oil reserves. Oil production in Chile is consequently limited, and has been dwindling over the past two decades, from 49,000 barrels per day (bbl/d) in 1983 to 15,100 bbl/d in 2006 (production includes crude, natural gas liquids and refinery gain). In contrast, oil consumption in Chile has increased significantly, with Chile consuming an average of 341.72 thousand barrels a day of oil in 2007, 0.4% of the world total and a change from 2006 of 76.44 tbpd. The country's main source of crude oil imports is Argentina. Other oil import sources include Brazil, Angola and Nigeria.
Most of Chile's energy sector is privatized, with Empresa Nacional del Petroleo (ENAP) controlling the oil sector. ENAP is also the sole producer and refiner in the country. Energy policy decisions are the shared responsibility of the National Energy Commission (Comisión Nacional de Energía - CNE), the Ministry of Economy and Energy (Ministrio de Economía y Energía - MME), and the Superintendency of Electricity and Fuels (Superintendencia de Electricidad y Combustibles - SEC).
OGJ Oil and Gas Journal reported in 2006 that Chile had 3.5 trillion cubic feet (Tcf) of proven natural gas reserves. There is little domestic production. Chile's growing reliance on energy imports, particularly on natural gas, has not been without consequences. In April 2004, Argentina began restricting natural gas exports to Chile, with cuts reaching nearly 50% of contracted volumes on some days. Chile, in turn, has been forced to reconsider its energy policy, which, prior to the import restrictions, assumed an increased use of natural gas and power imports from Argentina. According to the 2008 BP Statistical Energy Survey, Chile had 2007 natural gas consumption of 4.42 billion cubic metres, 0.15% of the world total.
