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That's my understanding too.
Also, what I was saying is that if he did, at the time the BP purchase order came out, have to add it would be perfectly understandable to start to ramp up MOP operations.
And based on my calculations the overall effect would have been negligible even if 10 million was added to the float.
Now that shares have been absorbed into the system, MOP's float is ready to run again.
Charlie did the best thing possible and went to Bibby for financing.
He's a shareholder to and wants the pps to hold its value.
MOP's green, cradle to cradle, and that's exactly what the oil industry, especially BP needs right now. To somehow and legitimately be connected to improving the environment, not to mention responsible for their own messes.
Good article.
You bet. The pps here could very well explode with significant news, especially with what we're anticipating here.
Flippers might just get caught on this stock in the near future. Tempting as it is...and it is tempting :)
Yes, exactly right. This low float allows for a rapid run up on news.
The last float numbers I recall were about 38 Million. So not really much of an increase in order to raise short term funding until MOP could work a deal with Bibby.
I had guessed that MOP was going need to sell about 10 million shares to bridge production costs...at about .05 per share for about $500,000. So as it turns out it was a little less than 10 million shares added to the float.
Pretty close.
Charles has been very careful in terms of shares available on the open market.
Good eye Narvo...we we're saying under 50 million for the float.
Nice update :)
Looks like the MOPN word is taking on a life of it's own too. Starting to spread like wildfire...or something like that :)
Now I'm going to keep my eyes open for uplisting, too!!
Well Narvo...that sure sounded like an uplisting hint to me??? :)
It does look that way. Also like the new MM's showing up today. Seems to be some behind the scenes interest waiting in the wings too.
Good solid .11 close. I like!
Maybe we'll see an after or before hours PR? Hard to say but it sure would make for an amazing week.
Guess we'll just have to wait and see.
Curious, and maybe nothing like you said but it does look as though they are positioning themselves amongst the ranks.
Since we are expecting significant news it'll will be interesting to see if more MM's join in shortly? hmmm.
MOP is ready for more and larger orders. It's part of MOP's Ramp up Strategy. Some details about it in this old PR.
MOP Environmental Solutions Announces the Signing of Two Strategic Agreements With Significantly Larger Companies as Part of Its
MOP ENVIRONMENTAL (OTC) (USOTC:MOPN)
MOP Environmental Solutions, Inc. (PINKSHEETS: MOPN), a New Hampshire-based manufacturer of the patented MOP™ Maximum Oil Pickup oil absorbent and booms, today announced the signing of two strategic agreements with significantly larger companies as part of its forward looking "Ramp-Up" strategy.
On June 23rd, MOP Environmental Solutions signed an agreement with Leigh Fibers of Wellford, South Carolina, a company 50 times larger. "We are very excited about the signing of this Agreement and Letter of Engagement with Leigh Fibers," said MOP President & CEO Charles Diamond. "We anticipate the South Carolina based Leigh Fibers will have a dramatic effect on our short and long-term goals, allowing up to a 10 fold or greater increase in our capacity to produce MOP loose sorbents," stated Diamond.
"Equally as promising as the preliminary strategic alliance with Leigh Fibers is the opportunity to modify many existing fibers to adapt and enhance their performance for the oil spill industry and related markets," states Diamond, who continues. "I believe the synergies of MOP Environmental Solutions technology in consort with the production capacity of Leigh Fibers will greatly enhance our potential to capture the growing interest of the global spill response market and to accelerate MOP distributorships internationally. Leigh Fibers operates manufacturing facilities in The U.S. and Canada, and maintains distribution in China, Mexico, Argentina, Spain, Peru, Italy and other countries where collaborations could yield synergies for both companies."
Phase One of the MOPN "Ramp-Up" strategy:
"Phase One of the MOPN 'Ramp-Up' strategy is intended to enable us to better satisfy the immediate demand related to the Deepwater Horizon Oil Spill in the Gulf of Mexico," as stated by Diamond, however, since Leigh Fibers does not as yet produce booms, "On June 25th, MOP Environmental Solutions signed a second Strategic Agreement, to increase its production capacity of oil absorbent booms up to five-fold with the signing of a Strategic Alliance Agreement for Boom Production with Global Sales Company of Columbia, Maryland."
"We are very excited about our recent Strategic Alliances," said MOP President & CEO Charles Diamond. "We have every confidence that both Leigh Fibers and Global Sales will meet the high standards that we set for our MOP Environmental Solutions products. Our relationship with both companies gives us confidence to seek additional alliances to further accelerate our expansion both domestically and globally. This 'Ramp-Up' strategy, boosts current capacity for boom production and establishes the first significant growth relationships for MOP Environmental Solutions, to address the anticipated long-term needs of customers both domestically and internationally."
Phase Two of the MOPN "Ramp-Up" strategy:
Phase Two of MOP Environmental Solution's "Ramp-Up" plan includes broadening the base of operations at both the macro and micro level, taking advantage of the unique benefits and characteristics of our patented MOP™ Maximum Oil Pickup oil absorbent that is able to capture still additional revenue from the MOP derived oil retrieved from oil spills on both water and land, while focusing on expanding operations significantly both domestically and abroad.
ABOUT MOP ENVIRONMENTAL SOLUTIONS, INC.
MOP Environmental Solutions, Inc. (PINKSHEETS: MOPN) is a publicly traded company. MOP Maximum Oil Pickup is a "cradle-to-cradle" green product that is arguably the most effective oil spill recovery system on the market. For information see www.mopenvironmental.com.
Brief Description of the MOP Technology:
MOP Maximum Oil Pickup is an aggressive oleophyllic and hydrophobic (oil attracting and water repelling) sorbent made from recycled and fully biodegradable materials, manufactured using small-scale hydroelectric green energy. MOP's properties are such that it can effectively deal with an oil spill the size of the Exxon Valdez, but is equally effective at cleaning up the oil spill off a garage floor.
Regarding the Gulf Oil Spill: MOP Environmental's patented product MOP Maximum Oil Pickup has the ability to capture and contain the Gulf Oil Spill at its source and all locations out to its furthest perimeter including the marshlands and beaches. Where the oil has landed on beaches or land it will separate and remove the oil from the soil, or sand on site quickly. MOP Environmental's oil-only pickup product is called MOP Maximum Oil Pickup. MOP floats, is all natural, it is safe to the environment including birds, animals, and aquatic life. It is rapidly deployed at over 150 mph using MOP Environmental's MOP-Cannon and removed using their MOP-Vac. MOP is applied above water or below water where it floats up and locks in oil, completely neutralizing all potential harmful effects of the spilled oil. It is the only known oil recovery method that will work under all weather conditions. The oil can be retrieved for re-use where the resulting profit is greater than the expense of cleanup.
MOP Environmental Solutions, Inc. manufactures and distributes MOP® Maximum Oil Pickup . MOP picks up and recovers oil spilled on land and/or water. This revolutionary, 100% Recyclable, new absorbent material picks up to 30 times its own weight in oil, without absorbing water, restores traction on slippery surfaces, and safely restores a clean, natural environment.
Forward-looking statements in this news release are pursuant to safe harbor provisions of Section 21E of Securities Exchange Act of 1934. Investors are cautioned that statements in this release are not strictly historical statements, including without limitation, management's plans and objectives for future operations, assessment of market factors, statements regarding strategy, company plans and its strategic partners. These constitute forward-looking statements, are not guarantees of the company's future performance and are subject to risks and uncertainties, such as funding for machinery and materials, success in acquiring customers, maintaining needed government relationships, and successfully executing a business plan, which could cause the company's actual future results to differ materially from the forward-looking statements. For all such forward-looking statements, we claim the safe harbor for forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. MOP Environmental Solutions, Inc. disclaims any obligation to update any forward-looking statement made herein.
For more information see www.mopenvironmental.com.
CONTACT:
Wayne D. King
(603)-786-9378
MOPEnvironmental@gmail.com
MOP Environmental Solutions, Inc.
Exactly, and that's just to start off. Bibby can adjust that number up to meet demand as MOP needs to fill lucrative contracts, each month.
Just a little repost: :)
Factoring’s Role in the BP oil spill
The oil spill in the Gulf of Mexico has created huge demand for a wide array of resources needed to help in the cleanup process. There is probably no better example than MOP Environmental solutions Inc. They have a patented material used to clean up oil spills. Obviously MOP was going to see a large increase in demand for their product. However huge spikes in demand can create cash flow issues, especially when offering 30 day payment terms.
This is where Bibby Financial Services enters. They provided a $750,000 factoring faculty so that MOP would have the financial capability to complete orders and keep the clean up efforts going at full pace.
This is a prime example of how factoring can help a business’s cash flows. There is no doubt the MOP was working at full pace to move as much product as possible. However, this can create huge cash flow issues. MOP will be forced to finance all production costs as well as the large purchases of raw materials that not only will be needed to replace the inventory that has been sold, but also anticipate materials needed to meet increasing demand. Meanwhile, MOP will also be financing their customers purchase for 30 days or longer. This can easily stretch the finances of a company and create a short term situation where too much cash is flowing out and not enough is flowing in. Without factoring, a fast growing company would eventually be forced to pass on potential business as they would run out of cash necessary to finance new sales. However MOP was smart and factored their invoices which gave them the ability to turn their 30 day debt into immediate cash. This is cash they used to finance sales, and meet the crucial demand for their product in the Gulf of Mexico.
Factoring is also an extremely flexible financial tool. This is important for MOP because there is no good way to anticipate how big this spike in demand will be or how long it will last. However, factors are only financing for 30 days. This means that the executives at MOP can adjust the level of financing they receive from their factor as conditions change.
Factoring provided the financing needed to keep the cleanup efforts in the Gulf going as well as helping a business capitalize on current conditions. This is a prime example of how factoring funds should be utilized. For more information on this story click here.
http://factordirectcapital.com/blog/factorings-role-bp-oil-spill/
I would agree. Today's pps action, on very low volume I might add, is more about some taking profit but there still seems to be some serious buy interest for MOP.
Hope no one has put a stop loss on this stock...way to easy for the MM's to grab some shares before the next leg up.
More news and significant news will send MOPN's pps flying. Day traders are well aware of this.
It doesn't seem to be much of anything but an organized effort of oil spill experts to compare notes and boast bragging rights.
Seems more political politeness than anything. France and many countries have offered their experience and advice to clean up the GOM and this just seems to be a venue for general discussions and demonstrations.
It's says: "Please contact us to attend the conference, and to stay informed on the latest details of the product demonstrations."
No biggie in my opinion.
Didn't someone suggest on here that there may be multiple large oil companies interested in MOP's products.
If so, maybe there will be a joint announcement for use of MOP's green rapid response products concerning Chevron, ConocoPhillips, ExxonMobil and Shell.
Just a thought. Does coincide with MOP's development of their rapid response system.
Maybe a glitch...I've got .11 x .119
That's most likely what will happen for the next phase of MOP. Companies need different types of CEO's for various stages of development.
Obviously, Charlie was the exact CEO for MOP's initial development (R&D)stage and market penetration. He's done and incredible job taking MOP to this next level but I think his heart is truly in R&D.
Wouldn't be surprised if Charlie wasn't checking out some of his new hires for potential CEO replacement in the not so distant future.
In the meantime, Charlie and Wayne have done an incredible job taking MOP into this expansive and explosive growth level. They have my wholehearted gratitude for what they've accomplished thus far for shareholders, everyone at MOP and of course the environment.
Market Acceptance and Growth
CEO Archetype: The Coach
At this stage in a company's development, it is no longer a question of whether or not the company will be able to achieve success - the question is how much, and how quickly. The key goals for the CEO are to build sales and services infrastructures, enter new geographies and markets, and manage for rapid growth. The skills needed are experience in professionalizing sales, marketing and services to create repeatable processes, and building a corporate structure to support growth. The company's growth is now not merely confined to a local geography - the CEO must have a global mindset, and must infuse that throughout the organization. While the CEO is likely to still be involved in critical sales approaches and partnership negotiations, at this stage the CEO's role must evolve into coaching others, and making sure the best performers are given the opportunity to succeed - or fail - on their own merits.
http://www.hrmreport.com/article/Is-it-Time-for-Your-CEO-to-Go/
Exactly...today's pps action certainly had the makings of a test run for future news.
A big oil PR, as you suggested, should turn into a blue sky breakout.
No doubt in my mind after today's action that MOPN's float is still under 50 million.
No kidding :) With more news expected I wouldn't want to be sitting on the sidelines when it does. MOPN's pps moves too fast.
MOPN pps on the move at .145! NICE!
Very nice work DFS...you are fast.:)
MOP has worked/put themselves into an explosive growth stage between all the contracts with big oil company(s) and their new sales force.
Can't wait to see what MOPN has up their sleeve next.
Thanks for the confirmation narvo...I'm thinking that the float is still around 46 Million....which is very low.
Agreed, this is a good PR update to put out now so that it doesn't get lost in the event of a much larger and anticipated news/PR to come.
Looks like MOPN is releasing their growth information, layer by layer. This is a significant increase in their sales force.
I'm intrigued by Charle's comment "Each has the ability to accelerate MOP Environmental's assent to becoming the Number One Oil Recovery Product Manufacturer in the World."
This also appears to be a precursory PR indicating that MOPN has much more to tell investors.
Completely agree. Well said. Also, I just heard back from the TA and the O/S and A/S have not changed.
A/S – 500,000,000
O/S – 222,223,026
The way this stock trades, imo, the float is still under 50 million.
Yes I'd like to read what you posted regarding the Clear Act. It is relevant to MOPN and what's going on in the Gulf of Mexico with BP, as pointed out in a previous post.
DFS, Good to see you back on the board again :) Solid responses to the relevance and importance regarding MOP in the article and obvious connections.
I have read on some posts here that the BP and DeepWater Horizon have been connected to the Clear Act through legislation.
This will undoubtedly to ensure that BP is held accountable and that those companies such as MOP that provided resources get paid. Below is a good article that explains some of the process.
http://www.dailycomet.com/article/20100809/FEATURES12/100809388/1292?p=2&tc=pg
Thanks for posting that additional information regarding vendors, narvo. I ran out of posts earlier and couldn't get back on until now.
Totally agree that Vendor status is significant for MOP and much more significant than processing a few purchase orders. Good post.
I liked the green close today, too.
06/04/2010 - been there done that. Looking forward to confirmation of more PO's thanks to BP's fund raising efforts.
lol the relevance couldn't be more obvious unless one chooses otherwise.
And yes, MOP has created a small package line of MOP for home use so a car spill is completely on topic. Thanks for asking.
Nice work DFS, excellent post for the connection of MOPN and
BP Plc is pledging oil sales from Angola and Azerbaijan.
MOP Environmental Receives Purchase Order From British Petroleum (BP) to Supply Products for Gulf Oil Spill Clean Up
MOP ENVIRONMENTAL (OTC) (USOTC:MOPN)
MOP Environmental Solutions, Inc. (PINKSHEETS: MOPN) is very pleased to announce it has received a Purchase Order from BP to send oil spill absorbent booms to the Gulf of Mexico for the ongoing oil spill clean up efforts. As per the Purchase Order, MOP Environmental will provide BP with three tractor trailerloads of booms to be shipped to the Hope Dale Site staging area in Saint Bernard, Louisiana.
Upon fulfillment of this order, additional deliveries are anticipated to continue on a weekly basis. With the present conditions in the Gulf we believe that BP will be looking to accept as much as we can provide.
"While we are very excited to have a purchase order from BP, the challenge of such a purchase order," said Diamond, "is that BP makes its payment 30 days after delivery. In the meantime we are hustling to raise additional funds to meet demand for increasing our supply. At the same time we are also working on raising additional capital to expand our plant and/or to purchase an additional facility. We anticipate that we will continue to experience the challenges of growth in the coming months and foreseeable future."
To meet the capital requirements, MOP Environmental is currently reviewing several offers to provide funding for the needed expansion for additional plant, equipment, labor and floor space.
ABOUT MOP ENVIRONMENTAL SOLUTIONS, INC.
MOP Environmental Solutions, Inc. (MOPN) is a publicly traded company. MOP Maximum Oil Pickup is a "cradle-to-cradle" green product that is arguably the most effective oil spill recovery system on the market.
BRIEF DESCRIPTION OF THE MOP TECHNOLOGY:
MOP Maximum Oil Pickup is an aggressive oleophyllic and hydrophobic (oil attracting and water repelling) sorbent made from recycled and fully biodegradable materials, manufactured using small-scale hydroelectric green energy. MOP's properties are such that it can effectively deal with an oil spill the size of the Exxon Valdez, but is equally effective at cleaning up the oil spill off a garage floor.
Regarding the gulf oil spill: Our patented product MOP Maximum Oil Pickup can capture and contain the oil spill at its source and at all locations out to its furthest perimeter including the marshlands and beaches. Where the oil has landed on beaches or land it will separate and remove the oil from the soil or sand on site quickly. Our oil-only pickup product is called MOP Maximum Oil Pickup. MOP floats, is all natural, it is safe to the environment, birds, animals and aquatic life. It is rapidly deployed at over 150 mph using our MOP-Cannon and removed using our MOP-Vac. MOP is applied above water or below water where it floats up and locks the oil, completely neutralizing all potential harmful effects of the spilled oil. This is the only known oil recovery method that will work under all weather conditions. The oil can be retrieved for re-use where the resulting profit is greater than the expense of cleanup.
The MOP website is www.MOPEnvironmental.com
MOP Environmental Solutions, Inc. manufactures and distributes MOP® Maximum Oil Pickup. MOP picks up and recovers oil spilled on land and/or water. This revolutionary, 100% Recyclable, new absorbent material picks up to 30 times its own weight in oil, without absorbing water, restores traction on slippery surfaces, and safely restores a clean, natural environment.
MOP Environmental Solutions, Inc. is a public company traded on the Pink Sheets under the symbol MOPN. For information see www.mopenvironmental.com.
Forward-looking statements in this news release are pursuant to safe harbor provisions of Section 21E of Securities Exchange Act of 1934. Investors are cautioned that statements in this release are not strictly historical statements, including without limitation, management's plans and objectives for future operations, assessment of market factors, statements regarding strategy, company plans and its strategic partners. These constitute forward-looking statements, are not guarantees of the company's future performance and are subject to risks and uncertainties, such as funding for machinery and materials, success in acquiring customers, maintaining needed government relationships, and successfully executing a business plan, which could cause the company's actual future results to differ materially from the forward-looking statements. For all such forward-looking statements, we claim the safe harbor for forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. MOP Environmental Solutions, Inc. disclaims any obligation to update any forward-looking statement made herein.
CONTACT:
Wayne D. King
(603)-786-9378
MOPEnvironmental@gmail.com
MOP Environmental Solutions, Inc.
Good to see you Narvo...yep, lots of MOPN pps games being played here today, not including the Summer and Monday/Friday thing.
Would be nice to see an eod rebound here. .08's are looking good.
Hopefully, many investors didn't get psyched out of their shares today.
That's my take on the impending news too. It's hard to predict an exact day for this type of news but we should and could hear anytime this week.
Aside from that, MOPN has been busy working on other deals too. No doubt we'll be learning more about Enbridge and so forth in the not to distant future.
Got a request into the TA for an update, too.
And here's little repost for anyone who missed this earlier thanks to DFS.
Factoring’s Role in the BP oil spill
The oil spill in the Gulf of Mexico has created huge demand for a wide array of resources needed to help in the cleanup process. There is probably no better example than MOP Environmental solutions Inc. They have a patented material used to clean up oil spills. Obviously MOP was going to see a large increase in demand for their product. However huge spikes in demand can create cash flow issues, especially when offering 30 day payment terms.
This is where Bibby Financial Services enters. They provided a $750,000 factoring faculty so that MOP would have the financial capability to complete orders and keep the clean up efforts going at full pace.
This is a prime example of how factoring can help a business’s cash flows. There is no doubt the MOP was working at full pace to move as much product as possible. However, this can create huge cash flow issues. MOP will be forced to finance all production costs as well as the large purchases of raw materials that not only will be needed to replace the inventory that has been sold, but also anticipate materials needed to meet increasing demand. Meanwhile, MOP will also be financing their customers purchase for 30 days or longer. This can easily stretch the finances of a company and create a short term situation where too much cash is flowing out and not enough is flowing in. Without factoring, a fast growing company would eventually be forced to pass on potential business as they would run out of cash necessary to finance new sales. However MOP was smart and factored their invoices which gave them the ability to turn their 30 day debt into immediate cash. This is cash they used to finance sales, and meet the crucial demand for their product in the Gulf of Mexico.
Factoring is also an extremely flexible financial tool. This is important for MOP because there is no good way to anticipate how big this spike in demand will be or how long it will last. However, factors are only financing for 30 days. This means that the executives at MOP can adjust the level of financing they receive from their factor as conditions change.
Factoring provided the financing needed to keep the cleanup efforts in the Gulf going as well as helping a business capitalize on current conditions. This is a prime example of how factoring funds should be utilized. For more information on this story click here.
http://factordirectcapital.com/blog/factorings-role-bp-oil-spill/
Ahhh yeah, more like MOPN's intentionally being bled for the benefit of shorters and day traders.
The transfusion should be here soon enough though.
Another Ecuador update in the news:
(Thanks again, DFS)
Journalist Exposes How Private Investigation Firm Hired by Chevron Tried to Recruit Her as a Spy to Undermine $27B Suit in Ecuadorian Amazon
Chevron
An expose in The Atlantic magazine reveals how one of the world’s largest private investigation firms, Kroll, hired by oil giant Chevron, tried to recruit an American journalist to undermine a massive $27 billion lawsuit against Chevron brought by the residents of the Ecuadorian Amazon. We speak with the journalist, Mary Cuddehe, and with Han Shan, the coordinator for Amazon Watch’s Clean Up Ecuador campaign. [includes rush transcript–partial]
http://www.democracynow.org/2010/8/16/journalist_exposes_how_private_investigation_firm
BP Pledges Angola, Azerbaijan Oil Sales as It Builds U.S. Gulf Spill Fund
(Thanks DFS)
By Patricia Kuo and Caroline Hyde -
BP Plc is pledging oil sales from Angola and Azerbaijan to raise $5 billion of loans as it builds a cleanup fund for the worst U.S. environmental disaster.
The company is borrowing $3 billion backed by income from Angolan operations, lenders said, and $2 billion linked to revenue from the Azeri-Chirag-Deepwater Gunashli field off the coast of Azerbaijan.
Europe’s second-biggest oil company has lost 38 percent of its value since the Gulf of Mexico well blew up on April 20, spilling about 4.9 million barrels of crude. The London-based company is seeking $30 billion from asset sales around the world to fund the cleanup and arranged $12 billion of bank credit lines in the second quarter. BP has paid out $6.1 billion so far, the company said Aug. 9.
“This is an unusual situation for BP to be in, with the balance of power having shifted toward lenders following the oil spill,” said Anke Richter, a credit strategist at Conduit Capital Markets Ltd. in London. “BP would be happy to pledge added security to improve banks’ confidence in lending and reduce its cost of funding.”
Interest Margin
Royal Bank of Scotland Group Plc and Societe Generale SA are arranging the Azerbaijan loan, while BNP Paribas SA and Standard Chartered Plc are coordinating the Angola facility.
Both loans will pay an interest margin of more than 1 percentage point above the benchmark lending rate, according to two people familiar with the matter who declined to be identified. The loans are amortizing and have maturities of five years, the banks said in separate statements.
Commitments on both loans are due Sept. 13 and signing is scheduled to take place by the end of next month, the lenders said.
“This form of financing creates further flexibility for BP as an alternative form of financing in addition to its more conventional debt financing,” BP spokesman Mark Salt said by telephone today. He declined to comment on the terms of the loans.
http://www.bloomberg.com/news/2010-08-16/bp-pledges-angola-azerbaijan-oil-as-it-builds-u-s-fund-for-gulf-cleanup.html
Exactly shauno, this type of negative attention we're seeing only means that many know big news is coming.
Yesterday, MOPN was number 2 on Ihub's most read boards at the eod with just over 80,000 reads. Lots of eyes on MOPN.
Good to hear from you :)
MOPN's only an hour into trading??? lol
Vendor news is expected this week...this is far from over.
Make em work for your shares if you are so inclined to sell today... it just makes common sense. :)
Not many are willing to let go of shares today...and many are still trying to get in cheap.
With potential big news on the way I doubt many are willing to just let go of their shares to the bid sitters trying to get in for the next run.
(Just makes common sense to me who would do something like that. lol)
Some current info about the Ecuador oil disaster:
Thanks DFS :)
Keeping Oil Underground In Ecuador
The United Nations partners with Ecuador in a bid to pay for the privilege of keeping oil underground and a tropical forest undisturbed. David Biello reports
60-Second Earth
Yasuni National Park in Ecuador is home to one of the richest concentrations of plant and animal species on the planet. More tree species grow in a single hectare of Yasuni than in all of North America and the reserve hosts an indigenous group still living in isolation.
Now the United Nations Development Programme has set up a fund to pay the government of Ecuador to keep Yasuni unspoiled by leaving as much 850 million barrels of crude oil under the park's ground.
At $80 per barrel that's nearly $70 billion worth. And roughly 400 million metric tons of CO2 that wouldn't enter the atmosphere.
All Ecuador wants in return is $3.6 billion over the next decade for a pledge never to develop the oil field. Countries that paid into the UNDP fund would receive a credit for the avoided greenhouse gas emissions, potentially offsetting some of their own oil burning. Ecuador plans to use the money to develop renewable energy.
Germany has committed to pay some $50 million per year over the next 12 years. Other commitments remain sparse on the ground despite the plan having been floated since 2007.
As it is, oil accounts for more than half of Ecuador's exports as well as one-third of the government's budget
But Ecuador's experience with Chevron may have convinced it that oil actually stinks—an epic lawsuit has been fought for nearly two decades over oil spills and toxic waste left behind by previous development. Perhaps Yasuni is a sign of the end of the petroleum age.
—David Biello
http://www.scientificamerican.com/podcast/episode.cfm?id=keeping-oil-underground-in-ecuador-10-08-15
Can anyone put up a L2 screen shot? TIA.