12 °c
London
Thursday, June 8, 2023
No Result
View All Result
FurtherAfrica
  • Countries
    • Angola
    • Botswana
    • Cape Verde
    • DRC
    • Eswatini
    • Ethiopia
    • Kenya
    • Malawi
    • Mauritius
    • Mozambique
    • Namibia
    • Nigeria
    • Rwanda
    • South Africa
    • Tanzania
    • Uganda
    • Zambia
    • Zimbabwe
  • Interviews
  • Understanding
  • Videos
  • Travel
  • Weekend
  • About
FurtherAfrica
  • Countries
    • Angola
    • Botswana
    • Cape Verde
    • DRC
    • Eswatini
    • Ethiopia
    • Kenya
    • Malawi
    • Mauritius
    • Mozambique
    • Namibia
    • Nigeria
    • Rwanda
    • South Africa
    • Tanzania
    • Uganda
    • Zambia
    • Zimbabwe
  • Interviews
  • Understanding
  • Videos
  • Travel
  • Weekend
  • About
No Result
View All Result
FurtherAfrica
No Result
View All Result
Home Africa

Eni to invest 20 bln euros in Africa in next four years – CEO

FurtherAfrica by FurtherAfrica
April 15, 2016
in Africa, Angola, Economy, Energy, FDI, Finance, Gas, Infrastructure, Mozambique, Natural Resources, Oil, SADC, South Africa, Tanzania
Reading Time: 2 mins read
1.8k 75
0
Share via QRWhatsappShare on FacebookShare on TwitterLinkedInPinteresteMail

Italy’s Eni plans to invest about 20 billion euros ($22.5 billion) in Africa over the next fours, mostly in oil and gas, the company’s Chief Executive Officer Claudio Descalzi said on Friday.

“That represents about 60 percent of our investments” (over that period) he said in a presentation at the International Energy Agency in Paris.

Descalzi said Eni, which is involved in projects in 15 African countries, will also help boost and diversify the continent’s energy mix through investments in renewables.

“In the long-term we are going to invest much more to develop the giant gas fields that we have found,” he said.

Eni has made major gas discoveries especially in Mozambique and recently in Egypt that have increased its reserves, with more than 12 billion barrels of discoveries in the last 7 years, mostly in Africa.

ENI-2

Descalzi said despite these discoveries, abundant energy potential and Africa’s steady economic growth, access to energy on the continent remained poor.

Africa’s energy mix has remained unchanged over the past 10 years and is unsustainable, with biomass for cooking still the main source, Descalzi said.

“Africa has booming energy demand, but an unsustainable energy mix,” he said, adding that countries on the continent needed to change it in favour of cleaner energies and renewables.

“The top priority should be to build an energy model that can support demographic growth. These are the main points we are discussing with different governments,” Descalzi said.

Currently hydro power produces only 1 percent of electricity and renewables contribute just about 0.3 percent although there is a huge renewables potentials that is unexploited.

Descalzi said Africa’s solar power potential was about 300,000 gigawatts (GW), wind about 7,000 GW, hydro about 283 GW and geothermal about 15 GW. He added that the continent held about 7 percent of worldwide gas reserves.

Eni has said it was ready to spend “hundreds of millions” of euros in developing solar power projects in Africa.

Descalzi also said on Friday that the company was focused on starting production at its giant offshore Zohr gas field in Egypt by end-2017, which once started, will give Egypt 100 percent energy security.

Source: Reuters

Related

Tags: africabiomassClaudio DescalziEgyptENIGasLNGMozambiqueoilrenewablesrovumaモザンビーク莫桑比克
ScanSendShare748Tweet467Share131Pin168Send
FurtherAfrica

FurtherAfrica

Founded in 2015 FurtherAfrica is an online platform centralising news and content focusing on the development and growth story of the African continent.

Related Posts

Economy

Ethiopia and Brazil keen to strengthen bilateral ties

by FurtherAfrica
June 8, 2023
Venture Capital

Uganda fintech startup Zofi Cash receives US$1M pre-seed

by TechGist Africa
June 8, 2023
Angola Portugal double taxation
Economy

Portugal announces new credit line for Angola

by FurtherAfrica
June 8, 2023
Energy

Eni bets on agri-business in Africa to expand biofuel production

by FurtherAfrica
June 8, 2023
Economy

Zimbabweans drive stocks up 600% in rush to dodge currency crash

by FurtherAfrica
June 8, 2023
Platform Africa 2023
 
Mozambique eVisa
 
MozParks
 

Translate this page

Read the Latest

Economy

Ethiopia and Brazil keen to strengthen bilateral ties

by FurtherAfrica
June 8, 2023
0

The governments of Ethiopia and Brazil have reaffirmed their commitments to further enhance the longstanding bilateral and diplomatic relations, according...

Read more

Uganda fintech startup Zofi Cash receives US$1M pre-seed

June 8, 2023
Angola Portugal double taxation

Portugal announces new credit line for Angola

June 8, 2023

Eni bets on agri-business in Africa to expand biofuel production

June 8, 2023

Zimbabweans drive stocks up 600% in rush to dodge currency crash

June 8, 2023

FurtherAfrica Partners Network

The Exchange Farmers Review Africa 360 Mozambique
TechGist Africa Energy Capital & Power Club of Mozambique
Taarifa Rwanda Web3Africa See Africa Today
Africa Global Funds Novafrica CrudeMix Africa
Harambee Africa Botswana unplugged Financial Insights Zambia
O Económico Digilogic Africa  

Subscribe to FurtherAfrica

Enter your email address to receive new articles on your email.

Join 107,190 other subscribers.
FurtherAfrica

© 2021 FurtherMarkets

FurtherAfrica is a FurtherMarkets Limited platform

  • Countries
  • Interviews
  • Understanding
  • Videos
  • Travel
  • Weekend
  • About

Follow Us

No Result
View All Result
  • Countries
    • Angola
    • Botswana
    • Cape Verde
    • DRC
    • Eswatini
    • Ethiopia
    • Kenya
    • Malawi
    • Mauritius
    • Mozambique
    • Namibia
    • Nigeria
    • Rwanda
    • South Africa
    • Tanzania
    • Uganda
    • Zambia
    • Zimbabwe
  • Interviews
  • Understanding
  • Videos
  • Travel
  • Weekend
  • About

© 2021 FurtherMarkets

Welcome Back!

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In
This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy and Cookie Policy.
Are you sure want to unlock this post?
Unlock left : 0
Are you sure want to cancel subscription?
 

Loading Comments...