- PetroTal, a top oil and gas stock, has shared further details about an illegal river blockade halting its operations in Peru
- Two convoys have been seized, including 14 crew members and 40,000 barrels of oil
- A de-escalation plan has been actioned after a meeting between protesters, PetroTal and the Peruvian government
- The Peruvian navy is on site to keep the situation under control
- 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 $0.66 per share. It has doubled the S&P/TSX Capped Energy Index’s return since its COVID low
PetroTal, a top oil and gas stock, has shared further details about an illegal river blockade halting its operations in Peru.
Thursday, The Indigenous Association for Development and Conservation of Bajo Puinahua (AIDECOBAP) has seized two oil transport convoys. The takeover saw a Navy sailor sustain a head injury with a spear requiring minor medical attention. The Peruvian navy has since assembled a presence to monitor the vessels and health of the crews.
The first convoy is an empty Brazilian vessel with a crew of six and a capacity of 70,000 barrels of oil that was traveling to the Bretana field.
The second is a Peruvian convoy containing 40,000 barrels of oil destined for the Iquitos refinery. It houses a crew of eight Peruvian nationals, none of which are PetroTal employees.
PetroTal does not own or operate either convoy, both of which are being held near the town of 7 de Junio.
On Thursday, The Presidency of the Council of Ministers, the Ministry of Energy and Mines, as well as PetroTal held a meeting with AIDECOBAP to discuss their reasons for protest. A de-escalation plan has since been actioned toward a resolution.
AIDECOBAP continues to prevent transit through the Puinahua channel with a contingent of 60 people and 10 boats.
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 $0.66 per share. Its more than 400 per cent return since its COVID low makes it a top oil and gas stock, well ahead of the S&P/TSX Capped Energy Index’s gains of 211 per cent over the same period.
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