• 2 minutes Oil Price Could Fall To $30 If Global Deal Not Extended
  • 5 minutes Iran downs US drone. No military response . . Just Destroy their economy. Can Senator Kerry be tried for aiding enemy ?
  • 8 minutes The Inconvenient Truth Of Electric Cars
  • 12 minutes The Plastics Problem
  • 28 mins SHALE MAGIC: Let the oil flow: US to lead oil output growth through 2030: ConocoPhillips chief economist
  • 35 mins To be(lieve) or Not To be(lieve): U.S. Treasury Secretary Says U.S.-China Trade Deal Is 90% Done
  • 4 hours Magic of Shale: EXPORTS!! Crude Exporters Navigate Gulf Coast Terminal Constraints
  • 3 hours Philadelphia Energy Solutions seeks to permanently shut oil refinery - sources
  • 3 hours IMO 2020
  • 5 hours EIA reports 12 mm bbls Inventory draw . . . . NO BIG DEAL . . . because U.S. EXPORTED RECORD 12 MILLION BARRELS DAY OF CRUDE + PETROLEUM PRODUCTS ! ! ! THAT'S HUGE !
  • 14 hours Here we go folks, the wish of so many: Pres. Trump threatens to lessen US security role in Strait of Hormuz, unveils sanctions
  • 4 hours Its called reality: Economic, policy challenges to make Asia's energy transition painfully slow
  • 3 hours Ireland To Ban New Petrol And Diesel Vehicles From 2030
  • 24 mins On the hobby side of things
  • 14 hours Looks like Trump is putting together a "Real" Coalition to protect Persian shipping lanes. Makes perfect sense. NO Fake "Coalition's of the Willing" UPDATE REUTERS Pompeo "Sentinel Program"
  • 16 hours Cap and trade: What could Oregon’s carbon policy cost you?
Why OPEC Wants Oil Below $60

Why OPEC Wants Oil Below $60

The timing of the G20…

Ecuador Now Looks to Claim its $18 Billion by Seizing Chevron's Brazilian Assets

The case of Ecuador against Chevron continues on; and whilst Ecuador has won their landmark court judgement, Chevron is still refusing to pay the $18 billion demanded as recompense for the disaster which ruined the precious environment and decimated indigenous groups, causing an outbreak of cancer and other oil-related diseases that have killed or threaten to kill thousands of men, women, and children.

The villagers have now taken their case to the Superior Tribunal of Justice in Brazil's capital of Brasilia, the highest civil court in Brazil, in an attempt to receive permission to seize Brazilian assets owned by Chevron in order to claim the $18 billion owed.
   
If successful Chevron could face some trouble, as, with one of the largest proven oil reserves in the world, Brazil is a major strategic play for Chevron’s long-term growth. The country is already Chevron’s second largest production market in Latin America and one of the top ten markets in the world for the oil giant's capital spending. The Ecuadorian villagers shouldn’t find it too difficult to harvest their $18 billion from the Chevron’s Brazilian assets, but the result could seriously damage the oil major’s growth in the region.

The Ecuadorians chances of gaining approval are looking good as Chevron’s reputation in Brazil is not great at the moment. It already faces a possible $22 billion fine in civil and criminal penalties in due to an offshore spill at their $3.6 billion deep water oil well in the Frade field, back in November; which they tried to unsuccessfully cover-up.

By. Joao Peixe of Oilprice.com



Join the discussion | Back to homepage

Leave a comment
  • G Michael on June 29 2012 said:
    1938 and 1971 is all the oil companies have to remember.

Leave a comment

Oilprice - The No. 1 Source for Oil & Energy News