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ConocoPhillips abandons Peru oil block amid local uproar

Author: Barrett Goldsmith, Houston Business Journal, Published on: 11 May 2011

ConocoPhillips CEO Jim Mulva said Wednesday the company has sold its 45 percent interest in the controversial Block 39 in the Peruvian Amazon to an unnamed buyer...ConocoPhillips (NYSE: COP) had been harshly criticized by indigenous peoples who claimed oil and gas exploration in the area would destroy their way of life and introduce diseases to the isolated communities...The Peruvian government, having identified significant oil reserves in the region, has already set aside 75 percent of the Amazon within its borders for exploration and production, and an additional 22 blocks will be set aside in the coming months, according to a press release by a coalition of environmental and human rights advocates under the umbrella organization Amazon Watch. [aslo refers to Repsol YPF, Perenco]

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Related companies: ConocoPhillips Perenco Repsol YPF