- PetroTal, a Peruvian oil and gas stock, is announcing an illegal river blockade against vessels that provide services to the company
- The Indigenous Association for Development and Conservation of Bajo Puinahua has carried out the demonstration since June 3, despite existing agreements for company-funded community improvements
- The blockade coincides with a planned production shutdown for operational enhancements
- PetroTal is an oil and gas development and production company domiciled in Calgary, Alberta, and focused on oil assets in Peru
- PetroTal (TSX:TAL) last traded at $0.69 per share
PetroTal, a Peruvian oil and gas stock, is announcing an illegal river blockade against vessels that provide services to the company.
The Indigenous Association for Development and Conservation of Bajo Puinahua (AIDECOBAP) has carried out the blockade in the Puinahua Canal since June 3. Affected ships include oil transportation barges and those carrying critical camp supplies.
AIDECOBAP tactics – which have devolved into violence, according to management – ignore recent agreements to allocate social fund resources, with more than US$8 million accumulated from PetroTal into a restricted bank account. The blockade is causing the forfeiture of more than US$50,000 per day from future trust allocations.
River access disruption coincides with planned production reductions to tie in previously installed infrastructure and modify operations to economically benefit future oil production.
June 2023 month-to-date oil production has averaged approximately 10,000 bopd prior to the field installation work, which begins June 8 and will last for five days.
PetroTal is calling for an immediate and peaceful end to the protest to resume safe river transportation, as previously formalized by working table committee participants and announced May 30.
PetroTal is an oil and gas development and production company domiciled in Calgary, Alberta, and focused on oil assets in Peru.
PetroTal (TSX:TAL) last traded at $0.69 per share. The oil and gas stock is up by 137.93 per cent over the past five years, well ahead of the S&P/TSX Capped Energy Index’s gains of 17.06 per cent over the same period.
The material provided in this article is for information only and should not be treated as investment advice. For full disclaimer information, please click here.
