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Eni S.p.A E, the Italy-based integrated energy company, is set to invest nearly 24 billion euros over the next four years in several projects in Algeria, Libya and Egypt. Eni’s CEO, Claudio Descalzi, mentioned that this investment is aimed at amplifying energy production in North Africa. This investment will help Eni solidify its presence in the region’s energy sector.
Eni is a major foreign investor in North Africa’s energy market. The investment would also contribute to the Roman government’s Mattei Plan, which is aimed at strengthening Rome’s relations with Africa. Eni’s investments also align with the Roman government’s agenda to re-establish its economic and political connections with Africa.
Eni’s CEO mentioned that Algeria, Libya and Egypt have huge potential in becoming oil and gas suppliers for Europe. However, the sector needs foreign investments to scale energy production and cater to domestic demand. To expand energy production, Eni will invest approximately 8 billion euros in each of the three countries over four years.
Claudio Descalzi also stated that the demand for energy in these countries is rising substantially, approximately 7-8% each year. This is mainly due to the growth in population in these regions, which means that the demand for energy in these countries is anticipated to rise in the years to come. To meet the growing demand, the countries need added investment in their energy sector to develop new resources.
Eni has maintained its presence in Egypt for a long time, after it discovered the Zohr offshore gas field. Egypt had planned on becoming a major exporter of gas following this discovery. However, the country is facing setbacks as its domestic production has been dropping since 2021. It witnessed a six-year low in gas production in 2024.
Egypt signed an agreement with Cyprus earlier in 2025 to process gas from the latter’s offshore fields. Per the terms of the agreement, Eni will export gas to Egypt for processing and liquefaction. The liquefied gas will then be re-exported to Europe, contributing to the region’s energy security.
Eni’s investments are aimed at enhancing energy production in Algeria, Libya and Egypt, which should help cater to domestic energy needs.
E’s Zacks Rank and Key Picks
E currently carries a Zacks Rank #3 (Hold).
Some better-ranked stocks from the energy sector are Archrock Inc. AROC, Nine Energy Service NINE and Kinder Morgan, Inc. KMI. While Archrock currently sports a Zacks Rank #1 (Strong Buy), Nine Energy Service and Kinder Morgan carry a Zacks Rank #2 (Buy) each. You can see the complete list of today’s Zacks #1 Rank stocks here.