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 Last August, the Peruvian government rescinded its contracts with Occidental and other foreign-based companies.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.