Chevron may lose a multimillion-dollar lawsuit in Ecuador, but a spokesman said the company will not pay damages and will appeal for decades if necessary. Chevron, which has never operated in Ecuador, said the court ruling against Texaco is politically influenced and maintained that Texaco, which Chevron acquired in 2001, met international environmental standards when it was operating in Ecuador.
Marathon Oil will sell a 20% stake in some oil fields off Angola to Cnooc International and Sinopec for $1.3 billion. The Chinese-controlled oil companies are trying to make their access to resources more secure.
The Fish and Wildlife Service has decided against allowing drilling in an area of the Yukon Flats National Wildlife Refuge. The area was part of a trade proposed during the Bush administration, in which Fairbanks, Alaska-based Doyon would receive 110,000 acres in the refuge in exchange for 150,000 acres of bird-rich wetlands.