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Tag Archives: Ecuador

OPEC is producing at a loss, Ecuador admits

Member nations with the Organization of Petroleum Exporting Countries (OPEC) are feeling the financial stress created by low oil prices and many, such as Equador, are now pumping oil at a loss. As reported by FuelFix, earlier this week Ecuador President Rafael Correa said that while production costs average about $39 per barrel, the country is fetching as little as ...

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China grants $5.3 billion credit line to Ecuador

BOGOTA, Jan 6 – China has granted a $5.3 billion credit line to Ecuador as the oil-reliant Andean nation reorganizes its finances after a crash in crude prices slashed export earnings, Ecuador’s official newspaper reported on Tuesday. Ecuadorean Finance Minister Fausto Herrera said the government would tap $1.5 billion this year of the 30-year credit, which carries a 2 percent ...

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2014’s Booms, Bans, and Busts no. 7: OPEC

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The 2014 year is on its way out, and Shale Plays Media is taking these last two weeks to recap on numerous major, groundbreaking stories that have impacted the world of oil and gas over the last year. Yesterday,  historical and landmark topics from the past year were highlighted  in an original piece you can view here. In a continuation of our ...

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Amazon still in rough shape from oil production

Zachary Toliver | Shale Plays Media New chemical analysis of waste water sites in the amazon reveals many harmful pollutants are sky high above Peru’s pollution limits according to a team of Spanish researchers presenting at a conference in California. The oil boom and decades of previous extraction are creating unprecedented ill conditions in one of the last pristine forests ...

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Ecuador issues permit to drill in Amazon reserve

QUITO, Ecuador (AP) — Ecuador’s government has issued an environmental permit for oil drilling in the pristine Amazon reserve that President Rafael Correa initially offered to exempt from exploration if rich countries would pay his government. Correa abandoned that effort last year due to insufficient interest and has spurned pleas by environmentalists to spare the Yasuni reserve. Earlier this month, ...

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Law Firm Patton Boggs To Pay Chevron $15 Million Over Ecuador Pollution Case

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BY CASEY SULLIVAN NEW YORK, May 7 (Reuters) – Chevron Corp said on Wednesday that Washington law firm Patton Boggs has agreed to pay $15 million to settle claims it tried to enforce a multibillion-dollar Ecuador judgment against the oil company it knew was fraudulently obtained. Patton Boggs agreed to make the payment in exchange for Chevron dropping claims of ...

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Ecuador council rejects oil-drilling referendum

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QUITO, Ecuador (AP) — Ecuador’s electoral council on Tuesday rejected as insufficient a petition drive calling for voters to decide whether to proceed with oil drilling in a pristine Amazon nature reserve as planned by President Rafael Correa. The council’s announcement that not enough signatures were collected was met with cries of fraud by the drive’s organizers. Correa has largely ...

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