Petrobras' Drilling Plans Offshore Colombia Suffer Legal Setbacks [Yahoo! Finance]
Petroleo Brasileiro S.A.- Petrobras American Depositary Shares (PBR.A)
US:NYSE Investor Relations:
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Source: Yahoo! Finance
A Colombian judge has ordered the companies to stop the drilling of the Uchuva-2 well in response to a suit filed by an indigenous community that sought protection. The community hailed from the Taganga area, which lies close to the city of Santa Marta. Dispute With the Indigenous Community The community stated that the companies should have sought their approval prior to drilling the well, per a document published by Caracol Radio. The judge favored the indigenous community and ordered the companies to stop drilling the gas well in the country's Caribbean waters. The Tayrona Block, situated offshore Colombia in the Caribbean maritime zone, is operated by Petrobras. PBR holds a 44.4% stake in the block and the remaining 55.6% is owned by Ecopetrol. Potential Natural Gas Shortage in Colombia Colombia may be dealing with a shortage of natural gas starting next year. The country is banking quite heavily on the development of its deepwater wells to alleviate the shortage. Ecopetro
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