At recent meetings with President Sisi and Petroleum Minister Tarek El Molla, Italy’s Eni agreed to gross Egypt spending of $7.7bn over the next four years, whilst BP agreed to a $3.5bn three-year spend. BP CEO Bernard Looney met with Messrs Sisi and Molla on 29 August to be followed by Eni CEO Claudio Descalzi on 4 September.

Both companies have confirmed these figures to MEES, albeit with the caveat that they include the share of partner firms, and apparently non-operated assets too. An Eni source tells MEES that the spending relates to “our exploration drilling portfolio as well as development and re-development activities,” whilst BP says the spending will go on “projects and exploration wells in the gas growth business.” (CONTINUED - 984 WORDS)