Italy-based oil and gas company Eni plans to invest around €24bn ($26.24bn) in Algeria, Libya and Egypt over the next four years to boost energy production, according to its chief executive Claudio Descalzi.

He said Eni will invest more than €8bn in Algeria and Libya and expects to invest a similar amount in Egypt.

The investments will coincide with the Italian government’s efforts to relaunch its economic and political ties with Africa as part of its so-called Mattei Plan.

Eni already has a large presence in North Africa’s energy sector.

Descalzi said the three countries can play an important role as hydrocarbon suppliers for Europe, but need external investment to increase their energy production and meet rising domestic demand.

“Internal demand in these countries – because of demographic growth – is increasing at about 7%-8% every year. This means they need gas ... they need investment,” he told an energy conference in the Italian city of Ravenna.

Egypt had planned to become a major gas exporter after Eni discovered the Zohr offshore gas field there in 2015.

Domestic gas production in the country has been falling since 2021, and reached a six-year low in 2024.

Earlier this year, Cyprus and Egypt signed a deal to process the gas from Cyprus’s offshore fields to Egypt, exported by Eni, for liquefaction and re-export to Europe.