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$100 million has been committed by the energy giant BP for the funding of new greenhouse gas (GHG) emission reduction projects. The firm has informed that this Upstream Carbon Fund will help in reducing emission in its upstream oil and gas operations. BP's Upstream Chief Executive said, "A year ago we challenged everyone at BP to reduce emissions in our operations and they have responded overwhelmingly".
US-based oil major, Chevron evaded an Ecuadorian court verdict yesterday when an arbitration tribunal trashed the $9.5 billion verdict that came out in 2011 over oil pollution dispute. Chevron-owned TexPet was held guilty of environmental pollution due to operations in Lago Agrio oilfield. The bench stated that the Ecuadorian judgment was found in violation of international public policy. The Ecuadorian judgement will henceforth not be recognized in any other country.
Citing absence of Chevron’s assets in the country, Argentina’s appeals court has dismissed the Ecuadorian ruling against Chevron. The case dates back to 2011 when Chevron was accused of polluting the Amazon region due to crude oil production, and the Lago Agrio court in Ecuador fined Chevron with a $9.5b compensation fee. The judgment of Argentina’s court will dismiss the enforcement of Ecuadorian judgment against Chevron Argentina.