News about Petroecuador, the country’s state-owned oil company:
Ecuador’s state oil company Petroecuador approved a $3.75 billion budget for 2012 on Thursday and said it will invest $1.82 billion next year, a report said.
Comments are closed.
The Chevron Ecuador case has been the base of controversy for years. This site sets the facts straight and gives the public the right to know the truth about this case. For years, U.S. trial lawyers, political operatives and activists have waged a campaign of misinformation against Chevron in Ecuador. Without evidence, facts or science that will stand up to international scrutiny, these U.S. trial lawyers and their representatives continue to freely release false and misleading information in an attempt to force a large financial settlement in the lawsuit. The false news and misleading information needs to be corrected - This is Chevron's blog to set the record straight.
Texaco Petroleum (Texpet) was minority partner in an exploration and production venture with Petroecuador, Ecuador's state-owned oil company. The production operation took place primarily on government lands and was conducted in compliance with Ecuadorian laws and regulations. Roughly 1.7 billion barrels of crude oil were produced, with the Government of Ecuador (GOE) receiving 95 percent of the total financial proceeds. View media and read more about the history of Chevron in Ecuador.
Petroecuador February Oil Exports Rise 17% On Year To $896Mln
Petroecuador, Ecuador’s state oil company, reported oil-export revenues of $896 million in February, a 17% increase from the $764 million registered in February 2011, Petroecuador reported Tuesday.
In terms of volume, Petroecuador exported 8.61 million barrels of crude oil in February, down 6% from 9.15 million barrels registered one year before.
Exports of Oriente crude in February were 5.69 million barrels, while exports of Napo crude were 2.92 million barrels.
The average price of Oriente in February was $104.58 a barrel while the price of Napo crude was $103.30 a barrel.
Figures have been rounded.
-Dow Jones
PetroEcuador Appoints Carlos Pareja as New Head of Refining
PetroEcuador, the South American country’s state-owned oil company, named its former president Carlos Pareja the head of refining operations, four years after firing him for poor management.
Pareja, a chemical engineer who was the country’s vice minister of oil until his appointment, will replace Marcelo Robalino, the company said in an e-mailed statement today, citing Chief Executive Officer Marco Calvopina. The statement didn’t say why Robalino was stepping down.
Ecuador, the Organization of Petroleum Exporting Countries’ smallest member, is reorganizing its operations after seeing production decline 2.7 percent to 504,000 barrels a day since President Rafael Correa took office in January 2007, according to the country’s central bank. PetroEcuador is spending $1.4 billion to repair its Esmeraldas and Shushufindi refineries to boost output and improve fuel quality.
Pareja was dismissed in 2007 amid protests that halted production at 47 oil wells in the country’s Amazon region and prompted Correa to declare the company in a state of emergency.
–Bloomberg
Two judges who handled the $18.2 billion environment lawsuit against Chevron Corp. (CVX) in Ecuador were dismissed by the board of the country’s Judicial Council, accused of improperly freeing an alleged drug trafficker.
According to a Feb. 29 disciplinary file reviewed on Thursday by Dow Jones Newswires, judges Nicolas Zambrano and Leonardo Ordonez, of the Provincial Court of Sucumbios, improperly freed an alleged drug trafficker. The suspect was charged with possession of half a ton of cocaine.
An international tribunal has found that it has jurisdiction to decide if Ecuador violated a treaty with the United States requiring it to guarantee a fair trial to Chevron Corp in an environmental lawsuit that ended in an $18 billion judgment against the oil company.
A Tuesday posting on Chevron’s website that was attributed to the tribunal read: “The tribunal declares that it has jurisdiction to proceed to the merits phase of these arbitration proceedings.”
The panel was set up through The Hague’s Permanent Court of Arbitration (PCA), and works under rules established by the United Nations Commission on International Trade Law.
Ecuador’s highest court on Thursday upheld a criminal libel verdict favoring President Rafael Correa, sentencing three newspaper executives and a columnist to three years in prison each and ordering them to pay a total of $42 million in damages.
The defendants, joined by international press freedom and human rights groups, had called the case an attempt by Correa to bankrupt the country’s leading opposition newspaper, El Universo, and part of a concerted campaign to stifle free speech and silence critics.
AmazonPost: The fraudulent case against #Chevron in #Ecuador -Get the details, see the documents and watch the videos: http://t.co/Z3igKfG3 @amazonpost
14 hours agoAmazonPost: RT @Chevron: Southern District of New York Court Upholds #Chevron RICO Complaint: http://t.co/6JtZhblH #Ecuador
2012/05/14AmazonPost: Chevron's #Ecuador Morass: http://t.co/w9sOtDTM via @WSJ
2012/05/14TheAmazonPost.com - A Blog About Chevron Ecuador Case To Set The Record Straight
