Ecuador to Pay $980 million to Occidental for Asset Seizure

Source: Reuters 1/13/2016, Location: South America

Ecuador has reached a deal to pay Occidental Petroleum Corp roughly $980 million by April to compensate the company for seizing its oil field in the Andean country, the attorney general said on Tuesday evening.

Ecuador has negotiated down a 2012 arbitration award from the International Center for Settlement of Investment Disputes requiring it to pay the U.S.-based company $1.77 billion.

While Ecuador remains opposed to the arbitration decision, Attorney General Diego Garcia said the country was obligated to pay Occidental. If it does not pay the arbitration award, Ecuador could be exposed to asset seizures.

"We're conscious that the award is enforceable, and if Ecuador doesn't honor it, even if we're right, it could be enforced," Garcia told television channel Ecuavisa, adding that the country would finish paying by April.

The payment is a further hit to the OPEC nation's finances, which are reeling from the slide in energy prices.

Ecuador seized Occidental's field known as Block 15 in 2006, saying its sale to Andes Petroleum had been carried out without government consent.

At the time of the contract termination, Occidental was Ecuador's largest oil investor, extracting about 100,000 barrels per day.


Chile >>  8/5/2022 - Innergex Renewable Energy Inc. (TSX: INE) (“Innergex” or the “Corporation”) announces the successful completion of a US$803.1 million (CAN$1.032 billi...
Sweden >>  8/5/2022 - Highlights
- USD 12.9 billion gain recorded to income statement resulting from the lex asea distribution related to the Aker BP transaction
...


Turkey >>  8/5/2022 -  Valeura Energy Inc. (VLE) (“Valeura”), the upstream oil and gas company with assets in the Thrace Basin of Turkey and in the offshore Gulf of Thailan...
United States >>  8/5/2022 - Global Partners LP (GLP) (“Global” or the “Partnership”) reported financial results for the second quarter ended June 30, 2022. ...

Canada >>  8/4/2022 - Murphy Oil Corporation (MUR) announced its financial and operating results for the second quarter ended June 30, 2022, including net income attributab...
China >>  8/4/2022 - -Expro Group Holdings N.V. (XPRO) (“Expro”) reported financial and operational results for the three and six months ended June 30, 2022.

Related Categories: Accounting, Statistics  Acquisitions and Divestitures  Asset Portfolio Management  Economics/Financial Analysis  General  Industrial Development  Insurance  Investment  Mergers and Acquisitions  Risk Management 

Related Articles: Accounting, Statistics  Acquisitions and Divestitures  Asset Portfolio Management  Economics/Financial Analysis  General  Industrial Development  Insurance  Investment  Mergers and Acquisitions  Risk Management 


Gulf Oil and Gas
Copyright © 2021 Universal Solutions All rights reserved. - Terms of Service - Privacy Policy.