Claudio Descalzi, CEO of the Italian energy company Eni, announced that his company plans to invest approximately €24 billion across Libya, Algeria, and Egypt over the next four years to boost energy production.
In a statement to Reuters, Descalzi revealed that Eni would invest over €8 billion each in Libya, Algeria, and Egypt. He noted that these three countries could play a significant role as hydrocarbon suppliers to Europe but require foreign investments to expand their energy production and meet increasing local demand.
The CEO highlighted that internal demand in these countries is growing by about 8% annually, underscoring the need for more gas and investment.
Last October, Eni resumed its exploration activities in Libya after a halt in drilling operations in the country’s onshore regions since 2014, as announced by Libya’s National Oil Corporation.
Eni began its exploration in “Block B” (96/3) in the Ghadames Basin by drilling the first exploration well “A1-96/3” (Al Hashim prospect), which is the first well under the contractual commitment in “Block B” of the Ghadames Basin, according to the fourth model contract of 2007. Eni operates this well in partnership with British Petroleum and the Libyan Investment Authority.
