IAHL Corporation (IAHL)

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In a statement following the report, Mines and Energy Minister Irene Velez said the government will continue to focus on looking for greater efficiency, and ensure that offshore projects come to fruition.

This report will again bring to light the debate on whether new contracts are needed,” said Cristancho. “For now the government may insist there are sufficient contracts but depending on how the current exploration campaign goes, it may be open to new contracts down the road.”