tiprankstipranks
Ecopetrol reports on decision of Santa Marta Tribunal
The Fly

Ecopetrol reports on decision of Santa Marta Tribunal

Ecopetrol (EC) announced that the Santa Marta Tribunal issued a favorable decision regarding an appeal against the claim filed by the Indigenous Council of Taganga. The Tribunal’s decision partially overturned the ruling of the Fourth Labor Court of the Santa Marta Circuit which had ordered the suspension of exploration and production works in the “Tayrona exploratory drilling area at the Uchuva 2 well.” Additionally, the Tribunal ordered the Ministry of the Interior – Directorate of the National Authority for Prior Consultation to assess the necessity of a prior consultation process with the indigenous community, which had been previously ordered by Fourth Labor Court of the Santa Marta Circuit, within one month from the date of notification of the Tribunal’s decision. This new ruling allows Ecopetrol and Petrobras International Braspetro B.V. – Colombia Branch to continue drilling operations and carry out their operational activities in the Tayrona exploratory drilling area.

Don't Miss Our Christmas Offers:

Published first on TheFly – the ultimate source for real-time, market-moving breaking financial news. Try Now>>

Looking for investment ideas? Subscribe to our Smart Investor newsletter for weekly expert stock picks!
Get real-time notifications on news & analysis, curated for your stock watchlist. Download the TipRanks app today! Get the App