Peru began negotiations with three oil firms.
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The government wants Occidental Petroleum, Belco Petroleum and the American-Argentine consortium Oxy-Bridas to invest more in oil exploration in return for Peruvian tax breaks. Oxy-Bridas has agreed to additional investment, and Occidental and Belco have made counteroffers, the government said. In August, the government charged that the companies had failed to invest $600 million in new exploration and canceled its contracts with the companies. Occidental has denied Peru’s claims.
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