What happened to the oil company Texaco in Ecuador in the early 1990s?
What happened to the oil company Texaco in Ecuador in the early 1990s?
According to a 2013 ruling by Ecuador’s Supreme Court, Chevron-Texaco — which drilled for oil in the country from the 1970s to the early 1990s — intentionally dumped billions of gallons of difficult-to-refine crude and toxic formation waters into open, unlined pits and directly into rivers and streams surrounding its …
Did Chevron operate in Ecuador?
Chevron has never operated in Ecuador. Texaco Petroleum (TexPet), which became a subsidiary of Chevron in 2001, was a minority partner in an oil-production consortium in Ecuador along with the state-owned oil company, Petroecuador, from 1964 to 1992.
Did Chevron clean up Ecuador?
Chevron has never cleaned up the mess it inherited, and its oil wastes continue to poison the rainforest ecosystem. Today, Chevron is a corporate criminal on the run. It has been found liable by Ecuadorian courts and ordered to pay $9.5 billion.
How Texaco contributed towards the land and water pollution in Ecuador?
Texaco extracted up to 1.5 billion barrels of oil. The contamination of of the Amazon forest left millions of gallons of oil in the soil, 20 million cubic meters of polluted gas into the air and hundreds of contaminated water pools and open air waste pits left abandoned without any covering or cleaning.
When did Texaco go to Ecuador?
Texaco Petroleum operated in Ecuador from 1964 to 1992 in partnership with Petroecuador, Ecuador s state-run oil company. The waste pits used by Texaco are the approximate size of a small pond and when these pits filled up, oil workers would drain them into nearby streams and rivers.
Where did Texaco get its name?
Back then we called ourselves The Texas Company, but when a salesman saw the abbreviation “Texaco” in a telegram, it became our favorite nickname. The first Texaco star arrived in 1903, when a 19-year-old Italian refinery worker suggested we embrace the five-pointed symbol of Texas.
What did Chevron do Ecuador?
In 2011, an Ecuadorian judge ordered Chevron to pay $18.2 billion for “extensively polluting” the Lago Agrio region in the Ecuadorian Amazon. Ecuador’s highest court upheld the verdict a year later. However, it reduced the amount of compensation to $9.5 billion.
Where is oil found in Ecuador?
1 Most of Ecuador’s oil reserves are in the Oriente Basin located in the Amazon. The vast Ishpingo-Tambococha-Tiputini (ITT) fields are located in the Amazon region and have been subject to protests by environmental groups and indigenous communities.
When did Chevron go to Ecuador?
Chevron inherited the already eight-year-old dispute in 2001 when it acquired Texaco Inc., which operated in Ecuador from the 1960s to 1990 in partnership with government-run Petroecuador. They drilled in an area of the Amazon occupied only by native people and migrant farmers, and gave it the name Lago Agrio.
How is the pollution in Ecuador?
A devastating historic oil spill in Ecuador remains a cause of concern. At least 18 billion US gallons (68 billion litres) of toxic waste and 17 million gallons of crude oil was dumped on sensitive rainforest soil in an area spanning 4,400 square kilometres (1,700 square miles).
Why did Texaco leave Ecuador?
In November of 1993, a group of indigenous Ecuadoran leaders filed a $1.5 billion suit against Texaco, accusing the oil company of massive pollution that destroyed natural environments and increased cancer rates. Texaco officially left Ecuador in 1992, and the government absolved it of any further responsibility.
Is Texaco part of Chevron?
Texaco, Inc. (“The Texas Company”) is an American oil brand of the Chevron Corporation. Its flagship product is its fuel “Texaco with Techron”. Texaco began as the “Texas Fuel Company”, founded in 1902 in Beaumont, Texas, by Joseph S. Cullinan, Thomas J.
Does Chevron have oil in Ecuador?
Chevron has never operated in Ecuador. Texaco Petroleum (TexPet), which became a subsidiary of Chevron in 2001, was a minority partner in an oil-production consortium in Ecuador along with the state-owned oil company, Petroecuador, from 1964 to 1992.
What is the history of the Chevron company?
leading the way. Chevron’s earliest predecessor, Pacific Coast Oil Co., was incorporated in 1879 in San Francisco. The first logo contained the company name against a backdrop of wooden derricks set among the Santa Susana Mountains that loomed over Pico Canyon.
When did Texaco start looking for oil in Ecuador?
In 1964, Texaco Petroleum Company (TexPet) began exploring for oil in northeast Ecuador, in an area which was inhabited by indigenous people. The following year, it started operating a consortium owned equally by itself and Gulf Oil to develop a tract in the area.
When did Chevron acquire Texaco?
Chevron acquired Texaco in 2001, and Chevron inherited the case. It continued the fight for an Ecuadorian court and, in 2002, the request was granted — with the caveat that any judgement would be enforceable in the United States.
