Colombia Has Oil, but Voters Want to Keep It Underground

Mark · Post by **Mark** » 08 Sep 2017, 16:18

Colombia Has Oil, but Voters Want to Keep It Underground:
https://www.bloomberg.com/news/articles ... ans-say-no

Coffee and fruit growers in the mountains around ArbelÃ¡ez, a small farming town 35 miles from BogotÃ¡, 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 â€œpopular consultationsâ€� 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 ArbelÃ¡ez, but following the July 9 vote it canâ€™t carry out seismic testing or drill exploratory wells to ascertain how much crude may be underground. South Africaâ€™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....

woodburner · Post by **woodburner** » 08 Sep 2017, 20:14

Causing alarm among the greedy buggers who can't plunder at will. Serves them right.

Post by **kenneal - lagger** » 08 Sep 2017, 21:49

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!!

Derrickson · Post by **Derrickson** » 24 Oct 2017, 09:24

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.

emordnilap · Post by **emordnilap** » 24 Oct 2017, 10:06

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.

Post by **adam2** » 24 Oct 2017, 10:14

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.