Ecuador pays $112 million to Chevron in arbitration award

energyvoice.com reported oil major Chevron has been paid $112million by Ecuador over a contract dispute lasting more than four decades.

The move comes despite the side remaining in disagreement.

In 2011, a Hague arbitration awarded Chevron $96million in a dispute stemming from a 1973 deal that called for Texaco – which was later acquired by Chevron – to develop fields in exchange for selling to Ecuador at below-market rates. Read Article