Eni to invest 24 billion euros in Egypt, Libya and Algeria
Eni plans to invest 8 billion euros in Egypt, Libya and Algeria over the next four years, for a total of 24 billion euros. This was announced by Eni's CEO, Claudio Descalzi, during the Omc – Med Energy Conference & Exhibition event which started today in Ravenna, bringing together the major energy companies from Europe, North Africa and the Middle East.
Eni has been operating in Egypt since 1954 and is currently the country's largest oil producer, with a daily production of approximately 280 million barrels of oil equivalent in 2024. Last February, the Egyptian president Abdel Fattah al-Sisi had discussed with Descalzi the company's expansion in the country. On that occasion, Eni's CEO confirmed the willingness to increase investments in the local production and energy export sectors, as well as to strengthen hydrocarbon research, exploration and development projects, in line with Egypt's sustainable energy plans. Eni owns several concession areas between the Gulf of Suez, the Nile Delta and the Western Desert, and is the main operator at the Zohr natural gas field. In addition, the company is engaged in hydrocarbon production with the Nooros, Baltim W and Meleiha projects, and is active in Damietta with the natural gas liquefaction plant.
Eni is also the main gas producer in Libya, a strategic country for the security of supplies in Europe. The Italian multinational has been operating in the North African country since 1959 through the exploration, development and production of hydrocarbons. Natural gas production activities are located offshore of the country, while exploration activities concern both offshore and onshore areas. The Green Stream gas pipeline supplies Italy with gas produced by the Wafa and Bahr Essalam fields. The strategic Structures A&E project, scheduled to start in 2026, is also expected to further supply the domestic market and ensure continuity in gas exports. The project also includes the construction of a CO2 capture and storage plant in Mellitah to reduce the overall carbon footprint, in line with the decarbonization strategy. Agreements are also underway to launch initiatives for the development of renewable energy.
In North Africa, in addition to the valorization of natural gas, Eni promotes initiatives based on the circular economy model, projects for the development of renewable energy, hydrogen and for the capture, use and storage of CO2. In Algeria, the Italian multinational has been operating since 1981. In this country too, it is the leading international energy company. Thanks to the partnership with Algeria, Eni contributes to increasing and diversifying gas export flows to Europe and Italy. Exploration activities in Algeria, which allow the diversification and gas supply plan to be carried out and the Net Zero objective to be maintained by 2050, are concentrated in the Bir Rebaa desert, in the Berkine basin and in the In Amenas and In Salah concessions. Eni has also signed strategic agreements with the Algerian state energy company Sonatrach for the reduction of greenhouse gas and methane gas emissions. The agreements specifically provide for the launch of energy efficiency initiatives, the development of renewables, the production of hydrogen and carbon dioxide capture and storage projects.
In parallel, the Minister of Energy, Mines and Renewable Energy of Algeria, Mohammad Arkab, met the CEO of Eni on the sidelines of the OMC in Ravenna, in the presence of the presidents and general managers of Sonatrach and Sonelgaz, Rachid Hachichi and Mourad Adjal, as well as the Algerian Ambassador to Italy. The parties reviewed the state of cooperation between the two countries' companies, with a focus on expanding the partnership into new projects in offshore exploitation, renewable energy, green hydrogen and decarbonisation technologies. Among the main topics discussed was the Medlink project, a 2.000-megawatt high-voltage submarine power line that will directly connect the electricity grids of Algeria and Italy. The initiative, considered a priority by the Algerian side, aims to strengthen Algeria's role as a reliable supplier of energy and, in the future, of green energy, thanks to the surplus production generated by the significant investments in the sector in recent years.