US-firm Occidental Petroleum wrote-down some $1.2bn in Algeria and Oman last year, representing a sizeable chunk of the firm’s $7.1bn total asset impairments for 2020 according its annual report released on 26 February.

Oxy’s Algeria assets took a $931mn hit following a “remeasurement” to reflect their “fair value,” which at the end of 2020 stood at just $664mn down from $1.761bn a year earlier (the remainder of this $1.1bn fall in value presumably relates to volumes produced during 2020). (CONTINUED - 288 WORDS)