By:Energycapitalpower

Italian energy company Eni has announced plans to invest €24 billion across Algeria, Libya and Egypt over the next four years, signaling a major boost to North Africa’s energy sector. This investment not only reinforces Europe’s growing reliance on African energy resources, but also addresses the region’s expanding domestic energy demand.

Eni’s CEO, Claudio Descalzi, emphasized  the crucial role these countries will play as hydrocarbon suppliers, especially as rising populations and domestic energy consumption drive demand across North Africa. Algeria and Libya are expected to receive the lion’s share of the investment, with over €8 billion allocated to each country. Egypt will also see substantial investment aimed at boosting its energy production, which has faced challenges in recent years. Eni’s commitment reflects a strategic focus on African energy, while aligning with broader European goals to enhance energy security and foster sustainable, long-term partnerships.

This strategic push closely aligns with the upcoming Invest in African Energy (IAE) Forum, taking place in Paris on May 13–14, 2025. The forum will serve as a platform for European and global investors, policymakers and African energy leaders to discuss the future of energy in the region and explore partnership and investment opportunities. The event will highlight the increasing flow of global capital into Africa’s energy sector and emphasize how commercial partnerships are transforming the investment landscape.

In Algeria, the government plans to invest $50 billion in oil and gas projects through 2027, with a view to boosting production from flagship assets and bringing new output online. The target is to increase annual gas production to 200 billion cubic meters over the next five years, as well as achieve 1.2 million barrels per day (bpd) in 2025, supported by a recent onshore licensing round and enhanced oil recovery from historic fields. IOCs beyond Eni are ramping up their activities: ExxonMobil and Chevron are exploring hydrocarbon resources in the Ahnet, Gourara and Berkine basins; TotalEnergies is leading gas appraisal and development in Timimoun; and Sinopec is focusing on complex reservoir development and skills training.

Neighboring Libya is also witnessing an upstream revival, with ongoing exploration in the Ghadames, Sirte and Murzuq basins, alongside its recently launched 22-block licensing round. The National Oil Corporation is advancing 45 greenfield and brownfield projects, aiming to boost production to 2 million bpd. In addition, major gas monetization initiatives, including Eni’s Structures A&E and the Bouri Gas Utilization projects, are unlocking further potential in the country’s energy sector. Both Algeria and Libya are expected to see increased activity in offshore exploration and production, as well as technological innovations that will help unlock new reserves.

The growing European-African energy ties, highlighted by Eni’s commitment, will be a major focus at IAE 2025. The forum will underscore the importance of partnerships that go beyond traditional aid models, focusing instead on sustainable, commercially viable projects that benefit both continents in the long term. Eni’s significant investment in North Africa’s energy sector is a testament to the growing importance of African energy in Europe’s broader energy strategy. As European capital continues to flow into Africa, IAE 2025 offers a timely opportunity to discuss the future of these investments and the immense potential for collaboration across the continent’s oil, gas and renewable energy sectors.