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Bullboard - Stock Discussion Forum Frontera Energy Corp T.FEC

Alternate Symbol(s):  FECCF

Frontera Energy Corporation is a Canada-based oil and gas company. The Company is involved in the exploration, development, production, transportation, storage, and sale of oil and natural gas in South America, including related investments in both upstream and midstream facilities. The Company has a diversified portfolio of assets with interests in 27 exploration and production blocks in... see more

TSX:FEC - Post Discussion

Frontera Energy Corp > Petro Drove XOM Out...
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Post by Mat1791 on Apr 21, 2023 10:28pm

Petro Drove XOM Out...

https://www.bnamericas.com/en/news/colombia-edges-closer-to-fracking-ban

Colombia edges closer to fracking ban

Bnamericas
Colombia edges closer to fracking ban

Colombian lawmakers have approved a motion to continue a process aimed at banning hydraulic fracturing, or fracking, in the Andean nation. 

A plenary session of the senate voted 62-9 in favor of a second debate of the proposed anti-fracking legislation, one of President Gustavo Petro's flagship campaign promises ahead of his June 2022 election victory. 

“It is a decision that puts Colombia closer to closing the door ... to predatory and inefficient extraction practices that threaten water resources," environment minister Susana Muhamad said.

Opposition senator Josu Alirio urged fellow lawmakers to consider the examples set by the US and Canada, where unconventional oil and gas drilling has helped to guarantee long-term energy security.  

“We are seeing the beginning of the persecution of drilling in Colombia because this proposal is being conducted in a rushed and incoherent manner," Alirio said. 

In December, Colombia's upper house concluded the first of four debates needed to put the legislation to a congressional vote. 

A ban would upend plans by state-run oil company Ecopetrol and ExxonMobil to jointly develop two unconventional pilot projects at Puerto Wilches, in Santander department. 

According to the Colombian Petroleum Association (ACP), the first fracking projects could attract investments of US$5bn a year.

Environmentalists, however, have warned the practice – which requires significant amounts of water and chemicals – poses too great a threat to local ecosystems and human health.

 
Comment by Kelvin on Apr 22, 2023 8:09am
And Chile is about to nationalize its vast lithium industry. Without getting into politics because I tend to be pragmatic what is the likely outcome of this? Well the immefiate short term outcome was that shares in lithium companies operating in Chile plummeted. Medium to long term outcomes are hard to predict. But if past outcomes of nationalizations is any guide then I'm leaning towards an ...more  
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