In-Briefs

Ecuador: PetroAmazonas Delays Exploration in the Amazon

January 17, 2013
|
| The Americas
PetroAmazonas, Ecuador's state-owned oil and gas company, did not begin exploration on January 15 in the Yasuni National Park as planned . . . the company is hoping to locate reserves, estimated to be worth $7.2 billion, in the park . . . the local Kichwa tribe is attempting to halt the exploration, filing an injunction and vowing to “fight to the death” to protect the land . . . the tribe claims to have stockpiled spears, blowpipes, machetes and guns to fight the oil company . . . although the company declined to provide a reason for the delay, it is likely hoping to negotiate with the tribe and is waiting for a final government decision before proceeding . . . the leftist government of Rafael Correa has had difficult relations with Chevron (NYSE: CVX) over an environmental judgment, but it supports the oil industry and is likely to back PetroAmazonas in the dispute. 


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