Eni to invest €4.5 bln annually in upstream in Egypt, other several countries to 2025

Italian energy group Eni is planning to invest €4.5 billion ($4.47 billion) in upstream activities each year from now to 2025 focusing on several countries, including Egypt, said a senior official on Tuesday.

“We are fully committed to invest €4.5 billion per annum in the upstream to bring on line new gas supplies,” Cristian Signoretto, deputy chief operating officer for natural resources at Eni, said at the Gastech conference in Milan.

Signoretto mentioned the development of LNG projects in Qatar and Congo and also Egypt and Algeria, where Eni enjoys a longstanding presence.

“Indonesia is another area in which we are investing heavily,” he added.

In its 2022-2025 strategic plan, unveiled in February, Eni stated that it would invest €7 billion per year on average in its different businesses.