 |
| In addition to exploration and production, Eni is investing in the energy transition, focusing on projects such as renewable energy and agriculture in Africa. (Source: Reuters) |
Guido Brusco, director of natural resources at Italy's state-owned oil and gas group Eni, stressed that, according to Reuters.
The energy giant will invest heavily in Africa, both in exploration and new low-carbon projects. “Africa is a continent that needs a lot of investment even in its traditional exploration and production business,” Mr. Brusco said.
Assessing Africa as a region with a growing population and accelerating growth, Eni sees the role of Algeria and Egypt strengthening in the coming years, while Libya and some sub-Saharan countries such as the Republic of Congo and Angola will play a larger role.
Italy's largest natural gas importer is making multi-billion dollar investments to secure exports to Italy, serve the African market and be ready to ship more gas to Europe.
“Mines are declining but 80% of global energy demand is still fossil-based, so while cleaner energy sources are being developed, the decline in oil and gas needs to be managed… especially in Africa,” said Mr Brusco.
Reacting quickly to the decline in Russian gas supplies last year, Eni has been shipping increasing volumes of gas from Africa to Italy. As a result, Algeria has become Italy's largest gas supplier, replacing Russia.
Eni is now Africa's largest international gas producer and more than 90% of the fuel it produced on the continent last year was destined for the African market.
Source
Comment (0)