August 16, 2008 |
Chevron Corp. said it was open to an amicable solution to a multibillion-dollar lawsuit in Ecuador. An out-of-court settlement would hinge on state-owned PetroEcuador fulfilling obligations in oil-field cleanups, the company said. The plaintiffs' lawyers say that about 30,000 people have suffered from health problems triggered by pollution caused by Texaco, which Chevron took over in 2001.
May 25, 2006 |
Ecuadorean Energy Minister Ivan Rodriguez said the South American country would not take over Occidental Petroleum Corp.'s stake in the OCP pipeline, a day after the head of state oil company Petroecuador said it would seize that stake. "The OCP is a private investment of Occidental and therefore has nothing to do" with the annulment of the contract, Rodriguez told reporters. Shares of Westwood-based Occidental fell 20 cents to $93.87.
May 16, 2006 |
Ecuador's state-owned oil company Monday rejected Occidental Petroleum Corp.'s offer to resolve a contract dispute that threatens to shut down the oil producer's operations in the South American country. Occidental said late Monday that Ecuador's energy minister had terminated the company's production contract and declared that the government had the right to seize the energy assets. Occidental said it was reviewing legal options "to defend its interests."
December 14, 1995
Oxy in Venture With Petroecuador: Occidental Petroleum Corp. will invest $500 million in a crude oil exploration and production venture with state-run oil company Petroecuador, said Jorge Pareja, Ecuador's energy minister. The signing should take place within the next two weeks. Pareja said the agreement calls for the Los Angeles-based company to explore for crude oil in Ecuador's eastern jungle zone over the next 20 years.
May 24, 2006 |
Ecuador's state oil company, Petroecuador, said it would take control of the 14.15% stake that Occidental Petroleum Corp. owned in the Andean country's only private pipeline. Ecuador revoked Occidental's contract last week over accusations that the Westwood-based company sold part of an oil block without government authorization. The company says it did nothing wrong.
September 29, 1989 |
Troops were occupying Ecuadorean oil installations Thursday in an attempt to end a strike by Texaco workers, who are demanding severance pay before the company hands over control of the main pipeline to the state oil company. At the same time, Petroleos de Ecuador (Petroecuador) declared force majeure on crude oil exports, a Texaco spokeswoman in New York said. Such an action exempts either party to a contract when they can claim circumstances beyond their control.