Italy could produce up to 20% of its oil needs, double the current level, Eni SpA (E) Chief Executive Paolo Scaroni said Friday.

" Italy isn't Saudi Arabia , but it's richer than France or Germany " in terms of oil reserves, Mr. Scaroni said in an interview with Radio 24.

He criticized Italy 's environmental regulations as excessively severe, saying that adopting regulations like those in force in Norway or the U.K. would allow Italy to double its domestic oil production.

Eni and other companies are boosting their production in the southern region of Basilicata .

Mr. Scaroni also said that Eni's production in Libya was at one-third of its potential level due to problems in the country.

In addition, he said that he would like to serve as CEO for a fourth term. Top Eni executives answer to the Italian government, which has a controlling stake in the oil company through direct and indirect holdings. Mr. Scaroni called that an "anomaly."

Asked about the government's plan to sell a 3% stake in Eni, worth 2 billion euros ($2.7 billion) as part of a privatization plan, Mr. Scaroni noted that Eni had no say in the matter.

He said that Eni's share buyback plan would be executed over a 10-year time-frame and driven by market conditions, and not driven by the government's agenda.
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