Petrobras Loses 188,000b Due to Orellana Protests
Brazil's federal energy company Petrobras (NYSE: PBR) has lost 188,000b since halting oil production because of labor strikes in Ecuador's Orellana province in the Amazon, according to press reports.
The workers claim Petrobras did not answer their demands to limit environmental damage and raise salaries.
Workers who live close to Petrobras' block 18 in Ecuador's Amazon region have been on strike since Monday, leading to the complete suspension of production.
Ecuador's government has not been successful in ending protests. More than 50% of the lost production belongs to the government.
The Brazilian company claims it has been complying with community investment plans approved by the local authorities, according to reports.
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