Unlike Gulf countries where NOCs dominate, Egypt is reliant on IOCs for upstream investment. New offshore gas developments – in particular Eni’s Zohr – have continued to attract cash despite global investment headwinds. But the country’s workhorse mature oil basins have not been so lucky.

Egypt’s oil output fell to 633,000 b/d in September, the lowest level in nine years, as international oil firms operating within the country continue to slash their spending.

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