A devastating attack on a convoy of 23 tankers by the Farc in the beginning of July led to 5,000 barrels of oil being spilled after the guerrilla opened the tanker’s valves, and now the local communities have blocked access to crews trying to clean up the mess.
A recent change to the norms which dictate how projects needing royalty funds are approved hopes to allow greater flexibility in the entities benefiting from the project and the sources of financing by allowing changes to the project once it has been submitted. Is this a routine dotting of the “i” left out or a sign that greater reform to the new system could be on its way?
Another postponed decision and conflicting reports on the performance of Pacific Rubiales’ (TSX:PRE) secondary recovery technology Star have shrouded the project, which is the operator’s main bet for its namesake Rubiales field, in uncertainty.
Russian president Vladmir Putin made his nation’s support for the peace process in Havana official this week during the sixth BRICS Summit held this week in Brazil’s capital of Brasilia. Putin’s support is thought to bring a symbolic counterweight to the table as a force that could have greater weight with the Farc guerrillas.
Parex (TSX:PXT) is establishing a summer-time tradition of updating its reserves every June. This year is no exception and this time, appropriately, the figures incorporate its acquisition of Verano Energy Ltd (‘Verano’ is the Spanish word for ‘summer’.)
GasThe International Finance Corporation (IFC), part of the World Bank, is leading the financing of US$240M in debt for a floating liquid natural gas plant (LNG) in the Caribbean being built by Pacific Rubiales Energy (NYSE:PRE), the first of its kind in the world.
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