Ecuador will launch an eight block oil and gas licensing round, the country's energy minister has announced today.
South-America focused oil firm Amerisur Resources said it had transported 2million barrels of oil through the OBA pipeline.
Ecuador has said it is not complying with Opec output reductions due to its financial problems, according to a news report.
The US Supreme Court left intact a ruling that protects Chevron from having to pay $8.6billion in a decades-long battle over oil pollution in Ecuador, rebuffing an American lawyer who was found to have committed fraud in the South American country’s court.
Leftist candidate Lenin Moreno appeared on the verge of victory in Ecuador’s presidential election but his opposition rival refused to recognise the results, calling on his supporters to take to the streets to guard against “fraud”.
Ruling party candidate Lenin Moreno looks to be heading to victory in Ecuador’s presidential run-off but his rival has refused to recognise the results, claiming he was the victim of fraud.
Ecuador, Opec's smallest member, has started drilling for oil near a nature reserve in the Amazon rainforest, a news report said yesterday.
The US Supreme Court has rejected Ecuador's challenge to a $96million international arbitration award in favour of energy company Chevron in a dispute over oil fields in the country.
Repsol had struck a deal with Abastible to sell its Liquefied Petroleum Gas (LPG) businesses in Peru and Ecuador in a $335million deal.
President Rafael Correa is raising taxes and imposing a one-off levy on millionaires to rebuild cities devastated by Ecuador’s worst earthquake in decades.
Ecuador said it has reached a deal to pay Occidental Petroleum Corp $980million by April to compensate the company after seizing one of its oil fields in the Andean country. The country has managed to negotiate down an arbitration award four years ago from the International Center for Settlement of Investment Disputes requiring it to pay the US-based company $1.77 billion.
Chevron made more progress in its table- turning campaign against plaintiffs' lawyers suing the oil company over pollution in Ecuador.
A World Bank tribunal has reduced the amount Ecuador must pay Occidental Petroleum to around $1billion. The payment is in compensation for the seizing of the US company’s assets. Three years ago the International Centre for Settlement of Investment Disputes awared Occidental $1.77billion.
Power technology giant ABB is working with Ecuador’s state-owned oil company, to help it gain up to an extra week of productivity annually by avoiding unexpected generator shutdowns.
A U.S. appeals court on Tuesday rejected Ecuador's challenge to a $96 million international arbitration award in favor of energy giant Chevron, marking the latest twist in a decades-long dispute over the development of oil fields in the South American country. The dispute stemmed from a 1973 deal that called for Texaco Petroleum Co, later acquired by Chevron, to develop oil fields in exchange for selling oil to the Ecuadorean government at below-market rates. Texaco filed several lawsuits in the 1990s accusing Ecuador of violating the contract. The District of Columbia U.S. Circuit Court of Appeals upheld a 2011 award from The Hague's Permanent Court of Arbitration in the Netherlands.
Oil giant Chevron has had its appeal hear in the US to uphold a ruling that a lawyer had used corrupt means to secure a $9.5billion pollution judgement in Ecuador. At the second US Circuit Court of Appeals in New York a lawyer for the company alleged that Steven Donziger – the US lawyer who represented a group of Ecuadorians that sued the company – had pursued a case which was “shot with fraud.” The three-judge panel was asked to uphold a ban on Donziger profiting from the case and from the attorney or villagers enforcing the judgement in the US.
Ivanhoe Energy has confimred the termination of a contract in Ecuador. Ivanhoe and Petroamazonas agreed in August 2014to mutually terminate the Specific Services Contract under which Ivanhoe has been operating since 2008.
Energy giant Halliburton has signed a long-term contract with Ecuador’s state-run oil company Petroamazonas to provide field development and project management across nine mature fields. The contracts, for fields including the Palo Azul, Lago Agrio, and Victor Hugo Ruales, are 15 years long with the potential for a further five-year extension.