Lago Agrio oil field
| Lago Agrio oil field | |
|---|---|
 |
|
| Country | Ecuador |
| Region | Sucumbíos |
| Location | Nueva Loja |
| Offshore/onshore | onshore |
| Coordinates | 0°4′28.6″N 76°45′28.5″W / 0.074611°N 76.757917°WCoordinates: 0°4′28.6″N 76°45′28.5″W / 0.074611°N 76.757917°W |
| Operators |
TexPet (1967–1990) Petroecuador (1990–...) |
| Field history | |
| Discovery | 1967 |
| Start of production | 1972 |
| Production | |
| Producing formations |
Napo Hollin |
The Lago Agrio oil field is an oil-rich area near the city of Nueva Loja in the province of Sucumbíos, Ecuador. It is located in the Western Oriente Basin. The site's hydrocarbon-bearing formations are the Cretaceous Napo and Hollin formations. Oil was discovered in the area in 1960s. The Lago Agrio field is known internationally for the serious ecological problems that oil development has created there, including water pollution, soil contamination, deforestation and cultural upheaval.
Since 1993, lawyers representing local residents have sought to force former well operator Texaco and its now parent company Chevron Corporation to clean up the area and provide for the care of those allegedly affected. In February 2011, an Ecuadorian court ordered Chevron to pay $8 billion in compensation, a ruling the company called "illegitimate" and vowed to appeal. In March 2014, a United States court found that the 2011 Ecuadorian verdict was obtained by the plaintiffs against Chevron through "coercion, bribery, money laundering and other misconduct." In August 2016, an appeals court upheld the 2014 racketeering verdict against the Chevron adversaries.
In 1964, Texaco Petroleum Company (TexPet) began exploring for oil in northeast Ecuador, in an area which was inhabited by indigenous people. The following year, it started operating a consortium owned equally by itself and Gulf Oil to develop a tract in the area. Nueva Loja was founded as a base camp of Texaco. The consortium struck oil in 1967 and began full-scale production in 1972. The Ecuadorian government, through its national oil company CEPE, now Petroecuador, obtained a 25 percent interest in the consortium in 1974. Gulf subsequently sold its interest to CEPE. By 1976, the consortium was majority-owned by the Ecuadorian government. TexPet transferred management of the consortium to Petroecuador in 1990. TexPet's concession expired in 1993, leaving Petroecuador as the sole owner. Petroecuador continues drilling in the area.
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