United States sided with Spain's Repsol position in the dispute over the seizure of a majority stake in YPF by the administration of Argentine President Cristina Fernandez last year, a dispute which remains unresolved over compensation for the assets.
A former Ecuadorean judge who presided over a pollution case against Chevron Corp. (CVX) testified that he and a colleague who issued a 19 billion judgment against the company in the environmental lawsuit were bribed.
Chevron Corp will try to convince a US judge that a group of Ecuadorean villagers and their US lawyer used bribery to win a 18 billion dollars judgment against Chevron from a court in Ecuador, in the latest chapter in a long-running fight over pollution in the Amazon jungle.
Brazil is limiting Chinese state-controlled oil companies to joint bids to develop its largest offshore oil discovery, amid concerns the players could share data and reduce competition ahead of the 21 October auction, said Brazilian officials.
A Brazilian federal judge on Tuesday dismissed a lawsuit against US oil company Chevron Corp after approving a negotiated settlement, a decision that closes a nearly two-year legal battle over an oil spill in November 2011.
A couple of days before Ecuador’s President Rafael Correa is set to arrive in Argentina he sank his right hand into the bushes of the Ecuadorean Amazon and then showed it to the dozens of journalists summoned for the demonstration: it was covered in oil.
If the Argentine government does not manage to stabilize its energy balance, which is one of the main drains of US dollars, the ban on hard currency purchases, the barriers to imports and the growing obstacles to spend money overseas for Argentine travellers will continue and could worsen, according to Buenos Aires analysts.
Chevron, the world’s second-biggest oil company signed the first agreement with Argentina’s government since it nationalized YPF in 2012 to help develop shale oil and natural gas in the Vaca Muerta basin of the Patagonian province of Neuquen.
PDVSA, Venezuela’s government oil and gas giant will allow joint ventures with China National Petroleum Corp. and Chevron Corp. to manage 6 billion dollars in loans designed to revert oil output declines, said a PDVSA official.
President Rafael Correa said he expects the regional groupings Alba and Unasur to meet urgently and address the “legal aberration” committed by a UN trade law arbitrage tribunal against Ecuador in a case involving US multinational Chevron and decades of environmental damages.