Egypt last week launched the first of three bid rounds slated for 2016 as output continues to slide. Following Eni’s giant Zohr discovery last year potential investors will likely to be more excited by the promise of key virgin deepwater acreage, to be offered later this year, than the well-drilled blocks currently on offer. With receivables again creeping up in Q1, improved payments would go a long way to boosting investor confidence.

Egyptian state-oil firm EGPC launched a new bid...