Colombia oil industry threatened by local opposition -group [Reuters]
AngloGold Ashanti PLC Ordinary Shares (AU)
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Source: Reuters
Colombia oil industry threatened by local opposition: groupBOGOTA Colombia's oil industry is threatened by a growing number of public referendums that seek to ban crude production, the country's oil association said on Monday, as the mining sector faced similar votes.The warning from the Colombian Petroleum Association (ACP), which represents private producers in the Andean country, came one day after residents of Cumaral municipality in Meta province voted by a large majority to ban crude exploration, drilling and production.Cumaral's vote was the first public referendum on banning oil exploration, but another 20 are scheduled, which could increase legal uncertainty and lead to the delay or cancellation of millions of dollars in investments key to averting a fall in reserves, ACP head Franciso Jose Lloreda said."Legal uncertainty will lead to a nosedive for exploration and production activity in Colombia. There won't be investment or exploration if a wave of public votes continues,"
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