Chevron & Cristina's Secret Deal

[notebook.fix]

An Odd Alliance in Patagonia
"Argentine oil officials said that the Chevron-YPF deal will shield the American company from financial loss connected to a change in the political winds. After the company invests $1.2 billion, 18 months later it can withdraw from operations without penalty and continue to receive net profits of 50 percent of the production from the initial wells in perpetuity."

"Si la compañía invierte 1.200 millones de dólares, puede retirarse 18 meses más tarde de las operaciones, sin penalización alguna, y continuará recibiendo los beneficios netos del 50 por ciento de la producción de los pozos iniciales a perpetuidad".


PERMANENTLY??? Oh Cristina, I can't wait till you go to jail!

I bet MAtias or the lawyer can explain it to us better
http://www.nytimes.c...te78Mkk9HrofbWw

 

[Matiasba]

how many companies or national enterprizes can actually do what Chevron is gonna do here? is there a big market where you can choose or only a small limited bunch of people? who has the infraestructure to command a work like this?

 

[notebook.fix]

how many companies or national enterprizes can actually do what Chevron is gonna do here? is there a big market where you can choose or only a small limited bunch of people? who has the infraestructure to command a work like this?

Well, who would be game or stupid enough to invest with the current despotic regime... with these utter lunatics at the controls, who's gonna risk it??? yes I concur with you there Matias. Good question.

How patriotic of Cristina to sign such a deal hey?

 

[notebook.fix]

“This is the worst form of extracting oil by the company with the worst record,” said Enrique Viale, the president of the Argentina Association of Environmental Lawyers.

So you would vouch for this compamy MAtias? You're saying that we are better off now?

 

[EdRooney]

1. Notebookfix: there's nothing "secret" about this deal. It was published in every major paper and there are already threads on that, most recently here.

2. Matías: what makes you think fracking just "has to be done" with its proven destructive effects, especially when Argentina is perfect ground for non-fossil fuel energy sources like eolic and photvoltaic? The fact fracking would destroy the local water supply and further exacerbate global warming is of no concern to you?

Seriously the two of you are so cloyingly blinded by your Cristina love/hate that neither of you seem capable of making well-reasoned posts.

 

[Dipoots]

An Odd Alliance in Patagonia
"Argentine oil officials said that the Chevron-YPF deal will shield the American company from financial loss connected to a change in the political winds. After the company invests $1.2 billion, 18 months later it can withdraw from operations without penalty and continue to receive net profits of 50 percent of the production from the initial wells in perpetuity."

"Si la compañía invierte 1.200 millones de dólares, puede retirarse 18 meses más tarde de las operaciones, sin penalización alguna, y continuará recibiendo los beneficios netos del 50 por ciento de la producción de los pozos iniciales a perpetuidad".


PERMANENTLY??? Oh Cristina, I can't wait till you go to jail!

I bet MAtias or the lawyer can explain it to us better
http://www.nytimes.c...te78Mkk9HrofbWw

It is a good thing that Chevron decided to invest in Vaca muerta. They one of the most respected oil companies in the world with one of the best safety record in the industry - I know from first hand experience. The "mess" in Ecuador was inherited when they bought Texaco.

Oil royalties in perpetuity for a shale oil well. No big deal. After the first year in production, it's value drop by 90 percent. In Brazil, Shell/ Total/ ... just signed a oil contract when the government take is 42%. However, need to look at all the terms.

 

[ajoknoblauch]

It's not my money but, if I were Chevron, I'd be very skeptical about any Argentine government keeping its word, let alone trusting in a successor administration to do so.

 

[EdRooney]

It is a good thing that Chevron decided to invest in Vaca muerta. They one of the most respected oil companies in the world with one of the best safety record in the industry - I know from first hand experience.

A few highlights from Chevron's rap sheet:

In 1992 Chevron pleaded guilty to criminal and civil charges in connection with violations of the Clean Water Act at an offshore drilling platform in the Santa Barbara Channel and paid $8 million in fines. That same year it paid $1 million in penalties for Clean Air Act violations at its refinery in Philadelphia.

In 1993 Chevron paid $500,000 in fines after pleading no contest to charges of misdemeanor criminal violations of California law in connection with a 1991 oil spill off El Segundo.

Also in 1993 the EPA proposed a fine of $17 million against Chevron for violations of the Toxic Substances Control Act. The dispute was later settled, with Chevron paying only $375,000.

In 1996 Chevron agreed to pay $700,000 to settle charges that its refinery in Perth Amboy, New Jersey violated the Clean Air Act through sulfur dioxide emissions.

In 1997 Chevron agreed to pay $1.1 million to settle U.S. Interior Department civil charges that the company violated critical safety regulations at an offshore drilling platform near Ventura, California.

In 1998 Chevron agreed to pay $540,000 to settle charges brought by EPA that the company bypassed a wastewater treatment system at its Richmond refinery, resulting in toxic releases into the San Pablo Bay over a period of five years.

In 2000 the company paid $7 million to settle charges of Clean Air Act violations at an offshore loading terminal near El Segundo.

In 2001 Chevron agreed to pay $750,000 to settle charges that its oil production facilities in Rangely, Colorado violated the Clean Water Act during a spill in 1995. The company also agreed to make improvements at the site.
In 2001 a group of companies including Chevron settled a lawsuit that had been brought by Communities for a Better Environment over the contamination of ground water in California by the carcinogenic gasoline additive MTBE. In the wake of that agreement Chevron faced a series of other MTBE cases in California and other states. In 2008 Chevron and several other oil majors agreed to pay $422 million to settle suits that had been brought by public water systems in 20 states and consolidated in federal court.

In 2002 Chevron was fined $2 million by the government of Angola for environmental damage caused by leaks in pipes used to transport oil from offshore drilling platforms. A government investigation had found that the pipes were not properly maintained.

In 2003 Chevron reached a settlement with the U.S. Justice Department and the Environmental Protection Agency in which it agreed to spend about $275 million to reduce airborne emissions from five of its U.S. refineries in California, Hawaii, Mississippi and Utah.

In 2004 Chevron Phillips Chemical agreed to pay a $1.8 million civil penalty for Clean Air Act violations that led to two explosions and releases of toxic chemicals at a manufacturing facility in Pasadena, Texas in 1999 and 2000.

In 2007 Chevron agreed to pay $1 million to settle civil charges that had been brought against it by the state of New Jersey in connection with a spill of more than 100,000 gallons of crude oil into Arthur Kill off Perth Amboy in 2006.

In 2009 Chevron was ordered by the United Kingdom Environment Agency to pay a fine of £11,500 in connection with a diesel spill at the company’s Poole Harbor oil terminal three years earlier.

In January 2010 the EPA’s criminal investigation division seized computers and records at Chevron’s oil facilities at Cook Inlet in Alaska. According to the Anchorage Daily News, the agency was investigating whether the company knowingly violated its air pollution permits at the locations.

In April 2010 at least 18,000 gallons of oil were spilled into the waters of the Delta National Wildlife Refuge in Louisiana as a result of an accident involving a pipeline owned by a joint venture of Chevron and British Petroleum.
In November 2011 officials in Brazil threatened to revoke Chevron’s license to drill in that country’s waters after an oil spill and then sued the company and its drilling contractor Transocean, seeking $22 billion in damages. (Chevron later agreed to pay about $130 million to settle the matter.)
Chevron reported that as of the end of 2011 it had been identified as a potentially responsible party at about 180 Superfund toxic waste sites in the United States.

In September 2012 the San Francisco Chronicle reported that it had learned that federal authorities had opened a criminal investigation of Chevron after discovering that the company diverted pollutants away from monitoring equipment at its Richmond refinery and burned them off into the atmosphere. The previous month, a series of explosions and fires tore through the Richmond refinery, spewing thick black smoke into the air. In January 2013 the California Division of Occupational Safety & Health announced $963,200 in fines against Chevron for willful and serious violations at the facility. And in August 2013 Chevron entered a no contest plea to six state criminal health and safety charges; it agreed to pay $2 million in restitution and costs and was put on probation for three and a half years.



Of course this is not to mention their death squads in Nigeria, and other human rights violations in Kazakhstan, the Philippines and God knows where else.

 

[notebook.fix]

Seriously the two of you are so cloyingly blinded by your Cristina love/hate that neither of you seem capable of making well-reasoned posts.

Seriously Ed, I think you're also talking out of your a$$, don't try to marginalize me with your over simplistic remarks. I was born here & I'm also a 'veteran expat'...over 35 experience in the game...I have a right to express my views, even if I WAS BORN HERE.

"[background=rgb(252, 252, 252)]there's nothing "secret" about this deal.[/background]

We all know about the deal since weeks ago, obviously..but the NY Times revealed details about the deal that did not appear DAYS AGO.
The details surrounding the contract clauses were not exposed till today, that's why I bought it up TODAY.

 

[Matiasba]

1. Notebookfix: there's nothing "secret" about this deal. It was published in every major paper and there are already threads on that, most recently here.

2. Matías: what makes you think fracking just "has to be done" with its proven destructive effects, especially when Argentina is perfect ground for non-fossil fuel energy sources like eolic and photvoltaic? The fact fracking would destroy the local water supply and further exacerbate global warming is of no concern to you?

Seriously the two of you are so cloyingly blinded by your Cristina love/hate that neither of you seem capable of making well-reasoned posts.

Love for Cristina? from what I said? seriously? I suggest you re read my post, or any post I have written in this forum, and then come here and show me something that might make you think I love Cristina.

About Chevron, Argentina for its first time in history is importing energy, the main cause being a good level of activity. We have grown in energy demand because we have reactivated our industry, and our economy, and dont have anymore a depressed economy like the Washington Consensus wanted. But, the thing is, we can not self provide from energy anymore. The fuel reserves of Vaca Muerta are one of the biggest reserves of energy in the world, dont you find a pitty having it and dont doing anything? we dont have fuel enough for us, we have to buy it, or start making it from Vaca Muerta. And whos gonna do it? the main company in the world that have the technology to do it, (YPF cant, Petrobras cant, Pemex cant, maybe the chinese can, but Chevron have made more lobby, by the embassy or something, like the US does with all its corporations). The US will be in 2020 or so the first oil productor of the world and that is explainned a lot by the high technology they have. Yes fracking might be negative from an enviromental point of view, but what would you do? having these reserves and the need of energy?