Opinion ID: 779110
Heading Depth: 2
Heading Rank: 1

Heading: Texaco's Oil Operations in Ecuador

Text: 4 In 1964, Texaco Petroleum Company (TexPet), a fourth-level subsidiary of the defendant Texaco, began oil exploration and drilling in the Oriente region of eastern Ecuador. In 1965 TexPet started operating a petroleum concession for a consortium (the Consortium) owned in equal shares by TexPet and Gulf Oil Corporation. In 1974 the government of the Republic of Ecuador (Republic or Ecuador), through its state-owned oil agency known as PetroEcuador, obtained a 25 percent share in the Consortium. Within two years, PetroEcuador acquired Gulf Oil's interest and became the majority stakeholder in the Consortium. Through 1989 TexPet operated a Trans Ecuadorian oil pipeline, at which time PetroEcuador took over that function. TexPet operated the Consortium's drilling activities until July 1990, when PetroEcuador took over that responsibility as well. In June 1992, TexPet relinquished all its interests in the Consortium, leaving it owned entirely by PetroEcuador. See Jota, 157 F.3d at 155-56 & n. 4.