🇦🇷🇪🇨Petrochemical Comodoro Rivadavia Discovers Oil in Block 90-Sahino, Southwest Ecuador

Argentina's Petrochemical Comodoro Rivadavia, via its subsidiary PCR Ecuador, has made a significant oil discovery in Block 90-Sahino in southwest Ecuador. The company intends to conduct extended testing for 90 days to assess the potential of the discovery.

The exploration efforts were carried out by drilling wells VHR Sur 01, VHR SUR 02, and VHR SUR 03. Subsequent testing confirmed the presence of hydrocarbons in well VHR SUR 01. Specifically, the upper U formation yielded 2,095 barrels of oil per day (bopd) after 72 hours of testing, while the lower U formation produced a total of 2,362 bopd after 75 hours of testing.

PCR Ecuador plans to complete the testing of the second and third wells as part of a $40 million exploration package.

#Argentina #Ecuador
@songofoil

🇺🇸 🇮🇱 The liberal international order is slowly coming apart

⬛️ Its collapse could be sudden and irreversible

🔶️ For years the order that has governed the global economy since the second world war has been eroded. Today it is close to collapse. A worrying number of triggers could set off a descent into anarchy, where might is right and war is once again the resort of great powers. Even if it never comes to conflict, the effect on the economy of a breakdown in norms could be fast and brutal.

🔶️ The decline of the system threatens to slow that progress, or even throw it into reverse. Once broken, it is unlikely to be replaced by new rules. Instead, world affairs will descend into their natural state of anarchy that favours banditry and violence. Without trust and an institutional framework for co-operation, it will become harder for countries to deal with the 21st century’s challenges, from containing an arms race in artificial intelligence to collaborating in space. Problems will be tackled by clubs of like-minded countries. That can work, but will more often involve coercion and resentment, as with Europe’s carbon border-tariffs or China’s feud with the imf. When co-operation gives way to strong-arming, countries have less reason to keep the peace.

🔶️ The institutions that safeguarded the old system are either already defunct or fast losing credibility. The World Trade Organisation turns 30 next year, but will have spent more than five years in stasis, owing to American neglect. The imf is gripped by an identity crisis, caught between a green agenda and ensuring financial stability. The un security council is paralysed. And, as we report, supranational courts like the International Court of Justice are increasingly weaponised by warring parties. Last month American politicians including Mitch McConnell, the leader of Republicans in the Senate, threatened the International Criminal Court with sanctions if it issues arrest warrants for the leaders of Israel, which also stands accused of genocide by South Africa at the International Court of Justice.

https://www.economist.com/leaders/2024/05/09/the-liberal-international-order-is-slowly-coming-apart

https://archive.ph/1KEtO

🇨🇱 PUNTA ARENAS - CHILE

🌌 Thousands of reports of Northern Lights coming in from multiple locations across Europe. A severe G4 geomagnetic storm is currently affecting Earth. Truly the most stunning aurora show in years. Currently visible as far south as northern Italy.

📎 WxNB

🇦🇷 Southern Lights spotted in Valle Alto Guadiato, North of Córdoba, Argentina