Apache Settles Texaco China Arbitration For $81.5M

Law360, New York (May 11, 2007, 12:00 AM EDT) -- Apache Corp. has paid $81.5 million to settle a contract dispute over oil exploration with Texaco Corp.’s Chinese subsidiary, a Securities and Exchange Commission filing revealed on Thursday.

The settlement was agreed on in March 2007 and became effective about a month later, on April 23, 2007, Apache’s SEC filing said.

The case relates to two agreements Texaco entered into with Apache in the late 1990s to drill wells in Bohai Bay, China.

Back then, Texaco was in production sharing contracts with the Chinese National Offshore...
To view the full article, register now.