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Colombia Has Oil, but Voters Want to Keep It Underground

 
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Mark



Joined: 13 Dec 2007
Posts: 883
Location: NW England

PostPosted: Fri Sep 08, 2017 4:18 pm    Post subject: Colombia Has Oil, but Voters Want to Keep It Underground Reply with quote

Colombia Has Oil, but Voters Want to Keep It Underground:
https://www.bloomberg.com/news/articles/2017-09-07/colombia-needs-oil-colombians-say-no

Coffee and fruit growers in the mountains around Arbeláez, a small farming town 35 miles from Bogotá, may have a significant amount of oil wealth under their feet. In July they defied the government and foreign investors and voted to leave it there. Local referendums, known as “popular consultations” in Colombia, are increasingly being used to block oil and mining projects, causing alarm among companies in those industries. More than 40 such votes are planned, according to the National Hydrocarbons Agency, threatening to paralyze exploration across the Andean nation.

Canacol Energy Ltd., a Toronto-listed company, paid $7.5 million in 2014 for a 190,000-acre block in Arbeláez, but following the July 9 vote it can’t carry out seismic testing or drill exploratory wells to ascertain how much crude may be underground. South Africa’s AngloGold Ashanti Ltd. invested $360 million to mine gold in western Colombia but shelved the project after local residents voted 6,165 to 76 on March 26 to ban mining in the area.

Continues....
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woodburner



Joined: 06 Apr 2009
Posts: 3382

PostPosted: Fri Sep 08, 2017 8:14 pm    Post subject: Reply with quote

Causing alarm among the greedy buggers who can't plunder at will. Serves them right.
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kenneal - lagger
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Joined: 20 Sep 2006
Posts: 9822
Location: Newbury, Berkshire

PostPosted: Fri Sep 08, 2017 9:49 pm    Post subject: Reply with quote

Future contracts might have a clause in allowing the companies to claim back any payments.

I just wonder how long this local democracy will last though!!
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Derrickson



Joined: 14 Oct 2017
Posts: 1

PostPosted: Tue Oct 24, 2017 9:24 am    Post subject: Reply with quote

If it would bring more money to the community, I don't see the reasoning why they would vote against it. Unless it devastates the area or something to that extent.
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emordnilap



Joined: 05 Sep 2007
Posts: 13974
Location: Houǝsʇlʎ' ᴉʇ,s ɹǝɐllʎ uoʇ ʍoɹʇɥ ʇɥǝ ǝɟɟoɹʇ' pou,ʇ ǝʌǝu qoʇɥǝɹ˙

PostPosted: Tue Oct 24, 2017 10:06 am    Post subject: Reply with quote

Derrickson wrote:
If it would bring more money to the community, I don't see the reasoning why they would vote against it. Unless it devastates the area or something to that extent.


Welcome Derrickson.

There are many reasons why these eminently sensible people should vote against it, the primary one being climate disruption.
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adam2
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Joined: 02 Jul 2007
Posts: 6217
Location: North Somerset

PostPosted: Tue Oct 24, 2017 10:14 am    Post subject: Reply with quote

Destruction of the local environment by drilling etc.
Destruction of the wider environment by climate changing emissions from use of the fuel.
Doubt as to whether the local people would see any of the profits. Foreign companies and local mafia or politicians might profit, but ordinary people ? I doubt it.
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