Eni to Invest 24B Euros to Boost North Africa's Energy Production

Investment Overview - Eni S.p.A is set to invest nearly 24 billion euros over the next four years in projects across Algeria, Libya, and Egypt to amplify energy production in North Africa [1][3] - The investment aligns with the Roman government's Mattei Plan, aimed at strengthening relations with Africa and re-establishing economic and political connections [2] Market Potential - Algeria, Libya, and Egypt have significant potential to become oil and gas suppliers for Europe, but require foreign investments to scale energy production and meet domestic demand [3] - The demand for energy in these countries is rising substantially, approximately 7-8% each year, driven by population growth [4] Specific Country Insights - Eni has a long-standing presence in Egypt, particularly after discovering the Zohr offshore gas field, but the country is facing setbacks with declining domestic production since 2021, reaching a six-year low in 2024 [5] - An agreement was signed between Egypt and Cyprus in 2025 for gas processing, where Eni will export gas to Egypt for liquefaction and re-export to Europe, enhancing regional energy security [6]