- Italian Energy Company Eni will invest €24 billion in Algeria, Libya, and Egypt over the next four years to enhance hydrocarbon production.
- The move aligns with Italy’s Mattei Plan to deepen economic and political ties with Africa and secure alternative energy routes for Europe.
Italian energy company Eni has announced a €24 billion investment plan in North Africa over the next four years, targeting Algeria, Libya, and Egypt to expand energy production and support regional needs and European supply security.
Speaking at an energy conference in Ravenna on Tuesday, Eni CEO Claudio Descalzi revealed Eni will channel more than €8 billion each into Algeria, Libya, and Egypt. He emphasised the strategic importance of these countries as hydrocarbon suppliers to Europe. Still, he stressed that external funding is essential for them to scale production and meet rapidly growing domestic demand.
“These countries face rising energy demand, growing at 7–8 per cent annually due to population growth,” Descalzi said. “They need gas, and they need investment. That’s where we come in.”
The investment aligns with the Italian government’s Mattei Plan, a strategic initiative to renew economic and political partnerships with Africa. Eni is one of the region’s largest foreign energy investors and is central to implementing this policy.
Eni has faced declining gas production in Egypt despite its 2015 discovery of the massive Zohr offshore gas field. Production has dropped since 2021, hitting a six-year low in 2024. Still, Eni continues to see strong potential in the country, particularly after Egypt and Cyprus signed a deal to process Cypriot gas for liquefaction and export through Egyptian facilities.
Eni is investing heavily in North Africa to strengthen energy ties with the region and help Europe diversify its supply routes. These long-term projects promise to boost local economies, improve infrastructure, and secure a stable energy future for Africa and Europe.
The investments also respond to Europe’s ongoing efforts to diversify energy sources and reduce dependence on Russian gas, with North Africa positioned as a natural alternative. Eni’s strengthened presence in the region is expected to contribute to long-term energy stability for Europe while supporting economic development in its African partners.