Peru and Occidental signed two new agreements.
Following months of negotiations, Occidental Petroleum said it has signed exploration and production contracts with Petroperu, the state-owned Peruvian oil company. Last August, the Peruvian government rescinded its contracts with Occidental and other foreign-based companies. The first contract, with a 22-year term, includes Occidental’s existing production operations begun in 1974 in northern Peru. The second contract, with a 30-year term, includes new exploration territory.
Start your day right
Sign up for Essential California for news, features and recommendations from the L.A. Times and beyond in your inbox six days a week.
You may occasionally receive promotional content from the Los Angeles Times.
