International
Argentina to ease exchange control for oil and gas companies
AFP
Argentina on Tuesday announced an easing of foreign exchange controls for the shale oil and gas industry in a bid to promote investment and boost production.
In an area known as Vaca Muerta in Patagonia, Argentina has what is considered the second-largest shale gas reserve in the world and the fourth largest of shale oil.
Extraction has been hampered by a lack of much-needed but costly investment, especially for hydraulic fracking.
On Tuesday, Economy Minister Martin Guzman said “a special regime for currency access” would be put in place for the hydrocarbon industry “to guarantee the special equipment they require,” especially for fracking.
About 20 oil companies have been operating in Vaca Muerta since 2013, including Chevron, Shell, Total and Statoil in partnership with the Argentine oil company YPF.
Since September 2019, Argentina has had exchange controls in place with a limited official rate of about 120 pesos for one dollar.
At the same time, currency can be exchanged at a rate of some 200 pesos to the dollar through debt bonds or on the informal market.
“We have a great opportunity in energy in Argentina. The next 15 years have great potential for development,” said President Alberto Fernandez, on a working trip with Guzman.
The government says oil production can increase by 70 percent and gas production by 30 percent over the next five years.
In recent months, Argentina has increased its production of hydrocarbons to reach a record 578,000 barrels per day in April — an increase of 13 percent in 12 months, according to the government.
Gas production in the same month was 127 million cubic meters, an increase of 12 percent year-on-year.
That has allowed the country to reverse five years of decline in oil production, said Guzman.
Last month, the government launched a construction tender phase for a gas pipeline from Vaca Muerta to the north of the country, to increase domestic supply and exports at a time when worldwide energy costs have shot up due to the war in Ukraine.
International
Petro expresses concern over fatal shooting during mass protests in Lima
Colombian President Gustavo Petro voiced his “concern” on Thursday over recent events in Peru, following the death of a protester reportedly shot during a massive demonstration in Lima against the government and Congress.
“I must express my concern over the events in Peru. A young artist has been killed in citizens’ protests,” Petro wrote on X (formerly Twitter).
The Colombian leader also noted that in Peru, “a popularly elected president remains imprisoned without conviction,” referring to Pedro Castillo, who led the country from July 2021 to December 2022 until he was removed by Congress following a failed attempted coup.
“This is a blatant violation of the American Convention on Human Rights,” Petro stated, adding, “I hope Peru seeks social and political dialogue to legitimize its public institutions.”
On Wednesday, Peru experienced widespread protests in several cities, with the largest demonstration in Lima in recent years, driven by citizens’ concerns over corruption and public insecurity.
During the capital’s mobilization, the Ombudsman’s Office confirmed the death of Eduardo Ruiz, 32, and reported clashes that left over 100 injured, including 78 police officers and 24 protesters, as well as ten arrests.
The Attorney General’s Office, investigating Ruiz’s death “in the context of serious human rights violations,” confirmed that the protester was shot.
International
Peru’s interim president José Jerí refuses to resign after protester’s death in Lima
Peru’s interim president, José Jerí, stated Thursday that he has no intention of resigning from the post he assumed last Friday, following the removal of former president Dina Boluarte, despite growing unrest over the death of a protester during massive demonstrations in Lima on Wednesday.
“I will not resign,” Jerí declared outside the Government Palace in Lima, where he returned on foot after making a surprise visit to Congress headquarters alongside Prime Minister Ernesto Álvarez.
Earlier, after leaving the Legislative Palace, the president acknowledged that the country is going through “difficult times” and condemned what he described as “a small group attempting to impose an agenda different from the citizens’ expression of discontent.”
Jerí expressed condolences for the death of Eduardo Ruiz, a 32-year-old man who died during Wednesday’s protest against the government and Congress, amid growing anger over corruption and insecurity.
“We stand in solidarity with his family,” he said, without offering further details about the incident, which has sparked outrage among Peruvians.
The president also described the demonstrations as “a legitimate civic expression” that later turned violent due to “certain groups seeking to provoke chaos by exploiting a peaceful citizen movement.”
“In a state governed by the rule of law, the rights of both demonstrators and security forces must be protected,” Jerí emphasized, adding that “as a result of that situation, this unfortunate death occurred outside the main area where the protest was taking place.”
International
Mexican government prioritizes 191 communities after deadly floods
Mexican President Claudia Sheinbaum confirmed on Wednesday that the death toll from recent rains and floods across several central states has risen to 66, while the federal government has activated air bridges and prioritized assistance in 191 isolated communities.
“Unfortunately, 66 people have died, and 75 remain missing,” the president said during her morning press conference. She added that the official death toll will be updated later in a new report.
As of Tuesday, authorities had reported 64 fatalities. Sheinbaum also announced the creation of a public information center to centralize official data on the deceased, missing persons, damaged homes, and cut-off communities.
According to the president, the number of missing persons has decreased thanks to coordination with state authorities.
“Through calls to phone line 079, 103 people who had been reported missing have now been located,” she explained.
Priority Municipalities
The president noted that the federal government has classified 191 communities as ‘priority’, a designation based mainly on the percentage of homes affected.
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