Peru told to suspend talks about oil until pollution is redressed

14/07/2017 10:31 Oil Market


Peru was told to cease negotiations for new oil rig in the Amazon until prior pollution was eliminated on Thursday by UN human rights experts. 

Peru is currently in talks with Canada’s Frontera Energy Corporation, who administers Block 192, about prolonging the contract, but because Peru failed to clean up the oil spills in the zone and failed to secure the safety of the aboriginal population, UN specialists assigned to delve into the human rights issue remarked that the Peruvian government must cease all arrangements with companies until the consent of the indigenous groups is ensured, and all environmental hazard has been eliminated.

In the past years, the government has announced multiple environmental emergencies in the region due to oil spills, and has accused unknown parties of acting maliciously towards them.

This year Block 192 has seen a severe drop in its oil production – only 2,565 barrels per day compared to their usual 10,000. In June the company reached a compromise with the indigenous people. The company promised to pay them for the use of their land and fund community initiatives.

Coal mining companies risk $16 billion due to climate change

24/07/2017 14:21:00

A new study from the Carbon Disclosure Project (CDP) concluded that major coal mining companies find themselves at risk of losing $16 billion (£12.3bn) due to climate change.


First stage of British energy storage investment initiated

24/07/2017 11:04:00

The first stage of the 246-million-pound investment into energy storage will be launched today by British MP Greg Clark.


Daily (24.07.2017): Oil prices fell by 2.5% on Friday on a rise in the OPEC’s oil production

24/07/2017 10:18:00

Oil prices were bearish on Friday after a consultancy report forecast a rise in OPEC production for July. Meanwhile, traders are looking ahead to Monday's meeting of several ministers from OPEC and non-OPEC members in Russia. Brent crude fell by 2.52% to $48.06 a barrel, while WTI price declined by 2.45% to close at $46.92 a barrel.