As much as Paolo Scaroni tries to keep investors focused on Eni’s opportunities elsewhere, talk keeps coming back to Kashagan, the giant oil field in Kazakhstan. The chief executive of Italy’s big oil company is battling to persuade the Kazakh government that delays and cost overruns at the Eni-led project need not lead to a radical rewriting of terms or, worse, the end of the road for Eni’s involvement. He has until October 22 to reach a friendly agreement or the gloves come off.

Mr Scaroni is in a tight spot. Kashagan is Eni’s biggest current development project. What’s more, this is no simple outbreak of resource nationalism from a state emboldened by high oil prices. There have been mutterings since operation of this vast project – reckoned to be the world’s most technically demanding field – was handed to Eni in 2001, ahead of other, larger majors such as Royal Dutch Shell and ExxonMobil, also members of the consortium. And every glitch puts off the day when the government begins realising its share of the project’s value – especially galling when oil prices are so high.