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California Governor Arnold Schwarzenegger has signed legislation enabling future oil exploration and drilling in Wilmington oil field in Long Beach. Under Bill 2165, California's State Lands Commission can negotiate a contract with the city and Occidental Petroleum Corp. to explore and develop the western end of Wilmington field, which includes tidelands mineral deposits. In the past, California shouldered most costs for previous oil efforts in the tidelands deposits, but Occidental offered to take on that role in exchange for a larger share of the potential revenues—an offer that required the new legislation. Occidental spokesman Richard Kline said the Los Angeles-based...

It seems that the SEC is probing everyone these days, why did we hear so little about SEC probes under Clinton? Is there data available suggesting that the Bush administration has been more agressive with the SEC than Clinton?

Ecuador yesterday joined the wave of Latin American governments targeting foreign-owned industries when it fulfilled its threat against an American oil company and took "full technical control" of its operations.The offices and installations of Occidental Petroleum were occupied by soldiers earlier this week, provoking a furious response by Washington. But yesterday, a Petroecuador official announced: "We are in control of Occidental's technical operations." State oil officials are expected to replace Occidental executives running oil fields in the Amazon region. While the government of President Alfredo Palacio denied the seizure was part of a wider move to nationalise oil deposits in...

Venezuela and Mexico are among the potential strategic partners for joint operations in the fields that used to be developed by oil corporation Oxy. The corporate agreement to drill oil in the Ecuadorian Amazon was made null and void, the Ecuadorian Government disclosed Tuesday. "There is the possibility of forming a strategic alliance with a state company, as set forth in the regulations," Ecuadorian Minister of Energy Iván Rodríguez said. Additionally, there is the possibility of "contracting directly a state company of a foreign country to reinforce technically Petroproducción. The subsidiary of state oil company Petroecuador will be responsible for...

Latin America: Ecuador's government deserves all the trouble it's got coming now that it's decided expropriation is the way to get rich. But the trouble won't come from the U.S. It's headed their way from Ecuadoreans....The loss of Ecuador's hard-won free-trade pact with the U.S., something it was on the razor's edge of signing, is virtually guaranteed. Ecuador also will probably lose all practical access to U.S. markets when its 2006 Andean trade preferences expire.Two free-trade-pact neighbors, Peru and Colombia, will gladly help themselves to Ecuador's market share in exports of flowers, shrimp and other regional specialties. About 60% of...

QUITO, Ecuador (AP) — Ecuadorean President Alfredo Palacio sent troops to guard oil facilities seized from Occidental Petroleum Corp. as they are transferred to state control, officials said Tuesday. But officials said the cancellation of Occidental's operating contracts and the seizure of its assets did not mean the Andean nation is nationalizing its oil industry. snip The Bush administration responded to the measure by breaking off negotiations on a free trade agreement with Ecuador.

Former US vice president and defeated presidential hopeful Al Gore lashed out at Iran's clerical regime, denouncing it as a threat "for the future of the world." "Iran is ruled by corrupt politicians and clerics," the Democrat said in an address to the Jeddah Economic Forum in Saudi Arabia. He said the "corrupt leadership" combined with President Mahmoud Ahmadinejad's anti-Israeli outbursts should raise alarm bells all over the world, including the Arab world and the Gulf region. "There should be more voices in the region saying this leadership is dangerous for the future of the world," said Gore, who was...

TRIPOLI, Libya (Reuters) - The Libyan government has accepted responsibility for the 1988 Lockerbie bombing (news - web sites) and set up a fund to compensate victims' families, Foreign Minister Mohammed Abderrahmane Chalgam said on Wednesday. The United States has demanded that Tripoli accept the responsibility for the bombing and pay compensation before U.N. and U.S. sanctions can be scrapped, a moment eagerly awaited by at least four U.S. oil companies. A British official said after the announcement Washington and London were discussing the outstanding requirements. "We have taken on the responsibility for this case on the basis of...