Eni, Total, Occidental sign $4b oil contract

Italy's Eni, US major Occidental, France's Total and the Algerian group Sonatrach signed a $4 billion oil and gas production-sharing contract Tuesday for the Berkine field in the country's southeast.

Algerian President Abdelmadjid Tebboune, hosting his Italian counterpart Mario Draghi on Monday with whom he sealed a clutch of deals, said the 25-year accord would provide Rome with  "significant volumes of natural gas", as Europe seeks alternatives to Russian supplies.

The accord aims to produce one billion of oil equivalent barrels, Sonatrach said in a statement.

The partners will  "develop additional liquid hydrocarbon resources, while reducing these fields carbon intensity through a dedicated carbon reduction program", Total said in a separate statement.