Ecuador to Seize Occidental Oil Field

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PetroEcuador, Ecuador’s state oil company, said Tuesday that plans to seize a field operated by Los Angeles-based Occidental Petroleum Corp. and may auction it to a producer from Venezuela or Brazil.


In 2004, Ecuador threatened to shut Occidental’s operations after it owed the company $75 million in taxes and said that Occidental violated an oil contract. Occidental, which has operated in Ecuador since 1985, said it still wants an amicable resolution of the dispute.


Shares of Occidental, which gets 7 percent of its output from Ecuador, fell as much as 4 percent Tuesday before recovering to close down 2 percent to $96.97.

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