No Apache merger – but 37 North Sea job cuts confirmed
Two energy giants have distanced themselves from rumours of another $17billion mega-merger as the low oil price environment creates a febrile environment for takeover speculation.
occidental
ADNOC and Occidental open world’s largest sour gas project
The world's first ultra-sour gas project has been officially opened by the Abu Dhabi National Oil Company(ADNOC) in a joint venture with Occidental Petroleum.
Occidental’s results worst in 25 years
Occidental posted its worst quarterly loss in 25 years.
Occidental in $980m pay out from Ecuador
Ecuador said it has reached a deal to pay Occidental Petroleum Corp $980million by April to compensate the company after seizing one of its oil fields in the Andean country. The country has managed to negotiate down an arbitration award four years ago from the International Center for Settlement of Investment Disputes requiring it to pay the US-based company $1.77 billion.
Incoming Occidental boss given promotion
The incoming chief executive of Occidental Petroleum has been given a promotion ahead of starting her new role. Vicki Hollub will now become the company’s president and chief operating officer and will replace the current boss Stephen Chazen in 2016. Earlier this year it was announced she would take over when Chazen retired as chief executive of the company.
World Bank tribunal reduces amount Ecuador must pay Oxy in asset dispute
A World Bank tribunal has reduced the amount Ecuador must pay Occidental Petroleum to around $1billion. The payment is in compensation for the seizing of the US company’s assets. Three years ago the International Centre for Settlement of Investment Disputes awared Occidental $1.77billion.
Occidental names Hollub first female chief exec of major oil company
Occidental Petroleum Corp. said Vicki Hollub, head of its oil and natural gas unit in the Americas, will be the first female chief executive officer of a major US oil producer. Hollub is taking over all of Occidental’s output before assuming the CEO position from Stephen Chazen “after a thorough transition period,” the Houston-based company said in a statement Tuesday.