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Gold/Mining/Energy : Big Dog's Boom Boom Room -- Ignore unavailable to you. Want to Upgrade?

To: t4texas who wrote (179565)	7/22/2013 1:50:25 PM
From: Dennis Roth	1 Recommendation Recommended By evestor Read Replies (2) \| Respond to of 206110

Chevron is making a mistake in Argentina July 19, 2013: 5:00 AM ET finance.fortune.cnn.com ...the terms of the agreement hark back to the time when the privately controlled oil firms ruled the world, as in, before OPEC came on the scene in the 1970s. A spokesman for Chevron confirms that the company would be splitting both the expenses and the profits with YPF right down the middle. That could be considered a very generous agreement. Indeed, an oil company in negotiations with a state-controlled entity would be ecstatic in reaping a fraction of that amount and would be expected to front most, if not all, of the expenses. Argentina would have probably promised the moon to any energy firm willing to enter into a new contract with YPF at this point. Argentina's reputation is already in the dumps and has proved time and again that it is willing to forgo international law to get what it wants. For example, if the ruling Peronist party falls out of power, the next government may use that as a justification to "renegotiate" all oil contracts signed with the previous government... ----- Fracking controversy arrives in Argentina Sunday, July 21, 2013 buenosairesherald.com ...“We staged a 24-hour protest to criticize the deal and oppose to the fracking technique. We wanted to send a message to the companies and the government to say we are against an initiative that will have a serious impact on our grounds,” Lefxaru Nahuel, a representative of the Mapuche community of the area, told the Herald. The indigenous communities took over four oil rigs operated by YPF after learning about the agreement between YPF and Chevron... ...Due to the environmental risk, towns of several provinces have designated themselves “free of fracking.” San Carlos district in Río Negro was the first one in Argentina in 2012 and the third one in Latin America. The same happened in Villaguay, Concepción del Uruguay, Colón and other numerous towns of Entre Ríos and Mendoza. On an international scale, France, some states of the US and the city of Quebec have also banned fracking. “We found out about this technique because of an article written by Fidel Castro about it. Since our area was mentioned to be exploited we decided to ban it. The conventional oil and gas recovery techniques are not controlled so the same could happen with this,” José Chandía, councillor of Cinco Saltos, told the Herald. President Cristina Fernández inaugurated last February the first well using fracking in Chubut in the area of El Trébol. Nevertheless, the project never started and neither was the well in La Greta, which was also planned in the province. “Public hearings were held and the Water Institute of La Greta had even earmarked the water that was going to be used for the Project. Nevertheless, lawyer Silvia de los Santos filed a presentation with the court on behalf of the indigenous people and La Greta project was stopped. The well in El Trébol also didn’t start because YPF was going to bring the machinery to exploit both wells and not only one,” Cynthia García, journalist of Chubut, told the Herald...