Tag: Ecuador
International tribunal orders Ecuador to pay ConocoPhillips $380 million
Tribunal also issued a separate decision finding Ecuador entitled to $42 million ConocoPhillips’ wholly owned subsidiary, Burlington Resources Inc., received an arbitration award of $380 million from an international arbitration tribunal, constituted under the International Centre for the Settlement of Investment Disputes (ICSID), for Ecuador’s unlawful expropriation of Burlington’s significant investment in breach of the […]
Canadian court rejects Ecuadorian judgment against Chevron
Ecuadorian court judgment being questioned in other jurisdictions as well A Canadian court has ruled that the Ecuadorian judgment against Chevron Corporation cannot be enforced against Chevron Canada Limited, an indirect subsidiary, according to a Chevron press release. The court found that Chevron Canada Limited is a separate entity from Chevron Corporation, not a party to […]
Ecuador hopes OPEC deal will be made in Algeria
OPEC deal could stabilize oil market QUITO, Sept 24 (Reuters) – Ecuadorean President Rafael Correa said on Saturday he hopes OPEC countries will reach an agreement to stabilize the oil market at the upcoming meeting in Algeria, warning of “serious risks” for the group if they do not reach a deal. Members of the Organization of […]
OPEC members Iran, Ecuador discuss ways to bolster positions in oil markets
OPEC sources say Iran ready to take action on oil supply By Alexandra Valencia QUITO, Aug 24 (Reuters) – Iran and Ecuador on Wednesday discussed ways that the two OPEC member countries can strengthen oil prices as Iran signals it may support joint efforts by exporters to prop up flagging crude. Iran has been boosting output […]
Ecuador pays $112 million award to Chevron – central bank
Ecuador paid Occidental Petroleum $980 million this year to compensate for seizing its oil field in 2006 CARACAS (Reuters) – Ecuador has paid $112 million to energy company Chevron Corp over a four-decade-old contract dispute, even though it remains in disagreement, the head of the central bank has said. A Hague arbitration court awarded the U.S. […]
Ecuador oil: President says country is losing money on every barrel of oil it produces
Ecuador oil sales contribute to 13 per cent of national budget QUITO, Ecuador – Ecuadoreans are already contending with a rumbling, ash-spewing volcano and rising living costs because they use the appreciating U.S. dollar as their currency. Now they’ve been told that Ecuador’s oil, its principal export and a vital source of government funding, costs more to […]
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