Print Edition - 2017-10-23  |  Money Digest

Ecuador defends Yasuni oil bet

- Reuters, Ecuador

Oct 23, 2017-

The manager of state oil company Petroamazonas defended Ecuador’s plans to expand exploitation of major oil reserves in one of the world’s most species-diverse rainforests, saying it will ensure minimum environmental impact and use appropriate technology. The Opec country is avidly seeking resources to revitalize an ailing economy, after a fall in oil prices and a major earthquake. Ecuador expects to raise revenues of about $2.4 billion annually as of 2022 when it completes the development of the Ishpingo, Tambococha, and Tiputini (ITT) fields and Block 31, located in the Yasuni National Park, a 9,820-square-kilometer (6,100-square-mile) swathe of rainforest on the equator. “This is the second phase of oil exploration in Ecuador ... that allows for cheap and economically profitable exploitation,” said state oil company manager Alex Galarraga. “There is the technology to greatly minimize the environmental impact, to live in harmony with nature, and to maintain the most critical parts of the park with exhaustive care,” he said.

Published: 23-10-2017 08:43

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