Exxon has taken a highly contested block offshore Egypt, whilst Shell took five blocks both on- and offshore. But a swathe of deepwater acreage went unawarded.

This week’s Egypt Petroleum Show (EGYPS) in Cairo was intended as a statement that Egypt’s upstream is back and back big. And by and large it achieved this aim, with the CEOs of Total and BP joining oil minister Tarek El Molla in singing Egypt’s praises.

A gleaming Mr Molla says ExxonMobil’s entry into Egypt adds “flavor to Egypt’s market and oil and gas sector.”

But the results of Egypt’s two 2018 bid rounds, announced with much fanfare on 12 February, the second day of the conference, were decidedly mixed.

State firm Egas’ offering of 16 mostly offshore Mediterranean blocks was the more eagerly awaited. But only five were awarded.

Block 3 (Northeast El Amriya)...