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Latino Daily News

Friday May 13, 2011

Big Oil Doing Something Right – ConocoPhillips Pulls Out of Amazon Project

Big Oil Doing Something Right – ConocoPhillips Pulls Out of Amazon Project

Photo: Oil drilling in Peruvian Amazon

Click Here to Enlarge Photo

ConocoPhillips CEO James Mulva announced at its Annual General Meeting of shareholders that the company has withdrawn from its controversial co-venture with Repsol-YPF in Oil Block 39 of the remote northern Peruvian Amazon.

Oil drilling in Block 39 and neighboring Block 67 has come under fire from human rights groups due to the presence of indigenous peoples living in voluntary isolation in this region, and the risk of forced displacement and deadly epidemics.

This affected region of the northern Peruvian Amazon is one of the most biodiverse in the world and is home to at least two uncontacted indigenous tribes.

More than 50 international non-governmental organizations signed a letter asking oil companies involved in the project to withdraw from the region.

ConocoPhillips held a 45% interest in block 39, which is majority owned by Spanish-Argentine company Repsol-YPF. ConocoPhillips is yet to announce who will buy their stake in the oil block.