Thursday, September 27, 2007

Oil companies plan NAFTA suit over research demands

Big oil, NAFTA, and government are proving to be a risky mix as two giant oil companies defy requirements to fund local research and development. As Exxon Mobil and Murphy Oil demand $50 million each from governments, the power of NAFTA agreements may be at stake.

Two U.S. oil companies drilling oil off Newfoundland are planning a lawsuit under the North American Free Trade Agreement over demands that they spend money on research in the area.

The Globe and Mail reported Thursday that Exxon Mobil Corp. and Murphy Oil Corp. are seeking about $50 million in damages from the federal government, challenging how the Hibernia and Terra Nova offshore oil projects are structured.

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