US firm Occidental has started negotiations with Algeria for a new upstream contract with a deal expected to be signed in 2022, according to the firm’s Q4 earnings call on 25 February.

The new contract is expected to update terms at the Oxy-operated (24.5%) Blocks 404a and 208 in the Berkine Basin in line with Algeria’s new oil law. The improved terms will then presumably see Oxy and its partners Eni (12.25%) and TotalEnergies (12.25%) open the spending taps to fresh development at the blocks. Algerian state firm Sonatrach has the remaining 51%. (CONTINUED - 464 WORDS)