IOCs in Egypt are facing contrasting fortunes. Top producers Eni, Apache and BP have benefitted from improved contract terms, fast-tracked projects and timely receivable payments. For smaller firms, it has been a different story.

Egypt has witnessed an upturn in fortunes in recent months. Gas output rebounded to 5.23bn cfd in June, the highest since October 2013 (MEES, 4 August). Oil output posted an increase for three consecutive months to June, hitting an eight-month high of 638,000 b/d...