Italian oil company Eni SpA is increasing its access to oil reserves around the world, but questions are growing about whether the company is paying too much.

Over the past year or so, Eni has signed agreements with several state oil companies, including ones in Algeria, the Republic of Congo, Libya, and Qatar, which re-establish or expand its access to new drilling projects. On Saturday, the consortium it leads inked a deal to develop Kazakhstan's giant Kashagan oil field.

Eni is not the only company to offer big concessions to governments in exchange for oil contracts. France's Total.

[online.wsj]