Italy’s Eni is Egypt’s dominant gas producer but relations with Cairo have been far from smooth. Cairo blames Eni for water breakthrough issues that have hit output at its flagship Zohr gas field since late 2021, whilst Eni is unhappy at its rising receivables bill as well as the unavailability of gas feedstock for the 5mn t/y Segas LNG facility it operates (MEES, 21 June 2024).
In a bid to draw a line under their tensions, Cairo in September ponied up around $600mn of the receivables owed to Eni, with the Italian firm in return agreeing to go ahead with a stalled plan to drill two sidetrack wells aimed at bolstering Zohr output (MEES, 1 November 2024). (CONTINUED - 768 WORDS)
