Eni CEO Claudio Descalzi said on Tuesday that Eni plans to invest about €8 billion in Egypt over the next four years, as reported by Reuters. However, further details regarding the investment have not been disclosed.

The company will also invest €8 billion in Algeria and Libya over the same period, bringing the total to €24 billion ($26.24 billion) utilized to boost the region’s energy production.

Descalzi emphasized that the three countries have the potential to play the role of hydrocarbon suppliers for Europe but require extra investment to expand their energy production and meet rising domestic demand.

“Internal demand in these countries increases by about 7-8% every year due to demographic growth. This means that they need gas, and investment,” Descalzi said in an energy conference in Ravenna, Italy.

Eni has been a key player in the energy sector, especially following the discovery of the Zohr offshore gas field in 2015–the largest in the Mediterranean. This year, the second well-drilling campaign in the field kicked off with the aim of reversing the production decline that began in 2021 and reached a six-year low in 2024.

Additionally, Egypt and Cyprus signed an agreement in February during the Egypt Energy Show (EGYPES 2025) to process natural gas from Cypriot offshore fields. The gas will be exported to Egypt, utilizing the country’s infrastructure, including Eni’s liquefaction facilities, and then re-exported to Europe.