It took only a matter of days before public backlash surrounding the awarding of an environmental license near La Macarena, Meta had boiled to the point where public officials, even the President, were offering explanations and suspending licences. But the revelations and consequences continue to file in.
The fall in oil prices has set off a chain reaction which started in the producing regions but has now made its way much further and is changing the economic and social reality of the country.
Yesterday, Pacific E&P (TSX:PRE) confirmed the TSX had said the listing was under review. Today, it confirmed that trading had been suspended because of the restructuring agreement and went on to say “it is expected that the Company’s common shares will be delisted from the TSX on or about May 25, 2016”. It will have been only just over 9 years since the stock price broke CDN$1.00 on its way to CDN$30.88.
GasIn March 2016 the amount of energy supplied by thermal generators amounted to 51% of Colombia’s energy grid, while hydro accounted for 43%.
In a matter of a few days, a blizzard of controversy over an environmental license to proceed with an E&P project near a natural reserve in La Macarena, Meta forced explanations from authorities and an eventual suspension announced by President Juan Manuel Santos.
The Delegate Controller for the Environment insists that the Cartagena Refinery (Reficar) only has an environmental license for “internal” transport of industrial coke which does not include shipping it in trucks to the port, and said it must request a new license.
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