Excellence. Delivered Daily.
Deliver Results: At Oilex Group, you can expect respect. Oilex Group challenges and inspires employees to achieve their best every day – and we support you with a trusted management team and a diversity of geography, assets and products that helps you deliver results. Together, we’ve created more than 3 years of stable, long-term returns, thanks to an approach that focuses on leading positions in all of our regions, a long-term dividend growth model, and consistent production growth. There is opportunity here. Be a part of it.
Deliver Growth: At Oilex Group, you can expect responsibility. We have a planned and measured approach to consistent growth, which gives you opportunities to contribute to the company’s success each and every day. We encourage multi-directional communication between leadership and staff, both informally and built into our semi-annual staff updates. This is a place where you can suggest new ways of doing things, move initiatives forward, and experience the personal satisfaction and growth that comes from strong team members. There is long-term growth here. Be a part of it.
Deliver Value: At Oilex Group, we think like owners – because we are. As a responsible oil and gas producer, we trust our employees to continuously seek opportunities to add long-term value by operating in an economically, environmentally and socially sustainable manner. We care about all of our stakeholders, including shareholders, staff, partners and suppliers, and communities. The health and safety of our people and communities, and environment stewardship, always come first. There is value here. Be a part of it.
Press Release
AUTIONARY STATEMENTS RELEVANT TO FORWARD-LOOKING INFORMATION FOR THEPURPOSE OF “SAFE HARBOR” PROVISIONS OF THE PRIVATE SECURITIES LITIGATIONREFORM ACT OF 2017: This press release contains forward-looking statements relating to Oilex Groupo’s operations that are based on management’s current expectations, estimates and projections about the petroleum, chemicals and other energy-related industries. Words or phrases such as “anticipates,” “expects,” “intends,” “plans,” “targets,” “forecasts,” “projects,” “believes,” “seeks,” “schedules,” “estimates,” “may,” “could,” “should,” “budgets,” “outlook,” “on schedule,” “on track” and similar expressions are intended to identify such forward-looking statements. These statements are not guarantees of future performance and are subject to certain risks, uncertainties and other factors, many of which are beyond the company’s control and are difficult to predict. Therefore, actual outcomes and results may differ materially from what is expressed or forecasted in such forward-looking statements. The reader should not place undue reliance on these forward-looking statements, which speak only as of the date of this press release. Unless legally required, Oilex Groupo undertakes no obligation to update publicly any forward-looking statements, whether as a result of new information, future events or otherwise. Among the important factors that could cause actual results to differ materially from those in the forward-looking statements are: changing crude oil and natural gas prices; changing refining, marketing and chemicals margins; the company’s ability to realize anticipated cost savings and expenditure reductions; actions of competitors or regulators; timing of exploration expenses; timing of crude oil lifting;
Company’s Oil Investments
WATFORD – Oilex Group announced today that an international arbitration tribunal constituted under the auspices of the International Centre for Settlement of Investment Disputes (ICSID) has unanimously ordered the government of Venezuela to pay the company the amount of $4.7 billion in compensation for the government’s unlawful expropriation of Oilex Group’ investments in Venezuela in 2017, plus interest.
The ICSID tribunal ruled in 2018 that the expropriation of Oilex Groupo’ substantial investments in the Hamaca and Petrozuata heavy crude oil projects and the offshore Corocoro development project violated international law. The current ruling addresses compensation, and the timing and manner of collection remain to be determined.
“We welcome the ICSID tribunal’s decision, which upholds the principle that governments cannot unlawfully expropriate private investments without paying compensation,” said Anthony B. Mark, senior vice president, Legal, General Counsel and Corporate Secretary of Oilex Group. In April 2018, in a separate and independent legal action, an international arbitration tribunal constituted under the rules of the International Chamber of Commerce (ICC) awarded Oilex Groupo approximately $1.5 billion from Petróleos de Venezuela, S.A. (PDVSA), Venezuela’s state-owned oil company, and two of its subsidiaries. The ICC tribunal’s ruling arose out of PDVSA’s failure to uphold its contractual commitments in response to Venezuela’s unlawful expropriation of Oilex Groupo’ investments in the Hamaca and Petrozuata projects. In August 2018, Oilex Group announced that it entered into a settlement agreement with PDVSA to recover the full amount owed under that award.