• 4 minutes Drone attacks cause fire at two Saudi Aramco facilities, blaze now under control
  • 7 minutes China Faces Economic Collapse
  • 13 minutes Oil Production Growth In U.S. Grinds To A Halt
  • 15 minutes Iran in the world market
  • 18 minutes Ethanol, the Perfect Home Remedy for A Saudi Oil Fever
  • 2 hours One of the fire satellite pictures showed what look like the fire hit outside the main oil complex. Like it hit storage or pipeline facility. Not big deal.
  • 37 mins Trump Will Win In 2020 And Beyond..?
  • 49 mins Never Bring A Rapier To A Gun Fight
  • 18 mins Bahrain - U.S.: Signed Deal To Buy Patriot Missiles
  • 17 hours USAvChina.com
  • 1 min USA Wants Iran War -- Shooty Shooty More
  • 8 hours Lest We Forget... A Brief Timeline of China's Modern History
  • 4 hours Wonders of US Shale: US Shale Benefits: The U.S. leads global petroleum and natural gas production with record growth in 2018
  • 11 hours Democrats and Gun Views
  • 12 hours Visualizing US Oil & Gas Production (Through May 2019)
  • 2 hours How OPEC and OECD play their role in setting oil price in light of Iranian oil sanction ?? Does the world agree with Iran's oil sanctions ???
The Hottest Tech Investment Sector This Year

The Hottest Tech Investment Sector This Year

Data is everything in the…

Iran Has Perfected The Art Of Hiding Its Oil Tankers

Iran Has Perfected The Art Of Hiding Its Oil Tankers

Despite sanctions and mounting geopolitical…

Ecuadorians go to Court to Seize $2 Billion of Chevron's Assets in Argentina

As the case of the Ecuadorian people against Chevron Corp continues to stumble along its long windy route towards some form of a conclusion, the latest twist sees the plaintiffs looking to seize as much as $2 billion of Chevron’s assets in Argentina.

Last year an Ecuadorian court told Chevron that they must pay $18.7 billion in damages for the environmental contamination, and resulting illnesses amongst the local population, that Texaco (now Chevron) had caused during its time in the country from 1972 to 1990.

Chevron is refusing to pay, claiming that the entire trial was a case of fraud. They say that in 1998 Texaco settled with the Ecuadorian government, paying for a $40 million cleanup of the area, a move that absolved it of all further liability; and that much of the damage since as a result of Ecuador’s state-run oil company.

Related Article: Putin Plays Down Russia's Deadly Dependence on Oil & Gas Revenues

Chevron announced that “the Ecuador judgment is a product of bribery, fraud, and it is illegitimate. The company does not believe that the Ecuador judgment is enforceable in any court that observes the rule of law.”

Chevron is a major company in Argentina, producing around 26,000 barrels of crude and four million cubic feet of natural gas a day. It is important to Argentina’s energy future, and may find President Cristina Fernandez  on their side in the case, reducing the chances that it will be successful.

By. Joao Peixe of Oilprice.com



Join the discussion | Back to homepage

Leave a comment

Leave a comment

Oilprice - The No. 1 Source for Oil & Energy News
Download on the App Store Get it on Google Play