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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. Nueva Loja was founded as a base camp of Texaco. The consortium struck oil in ...
With these words the news was announced on February 14: Judge Nicolás Zambrano of the court of Nueva Loja, Ecuador, found the North American company Chevron-Texaco guilty of causing social and environmental destruction in the Ecuadoran Amazon during its 26 years of operations there.
Oil exploration in Ecuador began with Texaco, in partnership with Gulf, in 1964 and lasted until 1992. During this time, the company drilled 339 wells on more than 1 million acres of land. In order to extract close to 1.5 billion barrels of crude, the company dumped billions of barrels of production and wastewater, and
Sep 17, 2018 · In Ecuador it established Texpet, the Texaco Petroleum Company (Ecuador), and in 1964 began exploration in the north east of the country. It formed a consortium with Gulf Oil to exploit the area around Nueva Loja, including Lago Agrio.
Chevron saw acquiring Texaco as a way to cut costs and have more capital to compete with rivals in the search for new oil reserves. In 2003, the Ecuadoreans filed their case in Superior Court in Nueva Loja, also known as Lago Agrio, 20 miles south of the Colombian border. The suit was led by U.S. and Ecuadorean lawyers.
Until 1990 Texaco extracted 88% of the total national oil production and operated the pipeline. It drilled 399 wells and built 22 drilling stations [18]. The Texaco company discovered oil in Lago Agrio in 1967, beginning the era known as the "oil boom", a time that changed Ecuador forever. From then on, Ecuador's oil industry began to gain
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Over the course of its tenure in Ecuador, the plaintiffs allege, Texaco created the worst oil-related environmental disaster in history by purposefully disposing over 18 billion gallons of toxic wastewater and about 17 million gallons of crude oil into the Amazon.
