Algerian President Abdelmadjid Tebboune has carried out a reshuffle, appointing a new energy minister.
Occidental Petroleum intends to keep production flat in 2021 but one bright spot for the company is Algeria.
Total has scrapped plans to buy assets that had belonged to Anadarko Petroleum in Ghana.
Occidental Petroleum will continue to hold its Algerian assets following its inability to conclude the sale of them to Total.
Whiting Petroleum Corp.’s board approved $14.6 million in cash bonuses for top executives days before the shale oil producer filed for bankruptcy.
Occidental Petroleum said Monday it will make its pipeline arm, Western Midstream Partners, an independent company and reduce its ownership stake in the firm in order to cut its overall debt load.
Algeria goes to the polls today in a widely disputed election that aims to move the country on from its political quagmire, although this seems unlikely.
Increasingly more recoverable barrels of oil and gas around the world are coming from corporate mergers and acquisitions, and not from traditional exploration.