Italian major Eni’s storied presence in Egypt’s upstream spans more than seven decades, but it has not all been smooth sailing. After a recent rocky patch, the relationship appears to be on solid footing again, with Eni recently pledging an $8bn gross spend over the next five years, as it looks to reverse output declines (MEES, 3 October).
A longstanding bone of contention has been the level of arrears Cairo owes Eni for the purchase of the firm’s share of oil and gas. The Italian major had been reporting receivables figures until the end of 2016 but stopped providing numbers up until 2023. (CONTINUED - 748 WORDS)
