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 17, 2006 |
Ecuadorean officials Tuesday seized oil projects run by Occidental Petroleum Corp., sending the company's stock tumbling and dimming hopes of a trade deal between the South American nation and the United States. The Occidental operations were transferred to Petroecuador, a state-run company, a day after the government revoked the U.S. oil company's contracts in Ecuador.
May 18, 2006 |
Claiming more than $1 billion in damages, Occidental Petroleum Corp. on Wednesday asked an international trade group to restore its rights to oil fields that were seized by Ecuadorean officials in a contract dispute. Westwood-based Occidental filed an arbitration claim with the International Centre for Settlement of Investment Disputes in Washington, seeking redress for what it called an "illegal confiscation" of its Ecuadorean assets by the South American nation's government.
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.