Peru told to suspend talks about oil until pollution is redressed

14/07/2017 10:31 Oil Market

news

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.

Kazakhstan will get from Vitol up to $5 billion for oil deals

19/09/2017 13:15:00

Commodity trader Vitol has increased its export prepayment loans to state oil companies in Kazakhstan to US$5 billion, reinforcing its position in extracting Kazakh oil at a moment when the production of the central Asian nation might grow, as reported by Financial Times on Monday.

<READ MORE

Daily (19.09.2017): European carbon contracts traded 3% down on Monday on lower coal and power prices

19/09/2017 10:57:00

Crude oil prices dropped slightly on Monday, but remained close to recent highs as traders braced for a potential stockpile build, likely to occur later this week.

READ MORE

Shell aims to enter UK electricity market

19/09/2017 10:06:00

Shell Energy Europe announced its intention to enter the UK ellectricity market. For the sake of electricity supply it has applied for a licence to provide power to industrial and commercial businesses in Britain. The licence should be signed now, as planned by oil giant, in order to start supplying electricity at the beginning of next year.

READ MORE