En Español

Very usefull links


News links




Dow Jones

Oil price



Views and News





Ecuador defends big Yasuni rainforest from Petroamazonas' oil bet




By Alexandra Valencia

Petroleumworld 10 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 told Reuters during a tour of the heart of the park on Friday.

He cited smaller platforms, clustered wells, re-use of gas and water, as well as eco-friendly pathways to the oil installations.

Yasuni National Park has long been pivotal in global environmental debates.

Challenging the world to save Yasuni a decade ago, former president Rafael Correa asked wealthy countries to donate $3.6 billion to offset revenue lost by not drilling there.

The initiative brought in less than 4 percent of that amount so Correa scrapped the plan six years later and authorized drilling, saying the world had failed Ecuador.

Environmental and indigenous movements have asked authorities to suspend the work.

Between ITT and Block 31, reserves total more than 2 billion barrels of crude and require an investment of almost $6 billion.

Petroamazonas plans to install some 26 platforms to drill 651 wells in the ITT block.

OPEC's smallest partner currently produces some 530,000 barrels per day and expects to reach 700,000 by 2022.

Story by Alexandra Valencia ; Writing by Girish Gupta; Editing by Alexandra Ulmer and Chris Reese from Reuters.

reuters.com 10 21 2017

We invite all our readers to share with us
their views and comments about this article.
Write to editor@petroleumworld.com

By using this link, you agree to allow PW
to publish your comments on our letters page.

Any question or suggestions,
please write to: editor@petroleumworld.com

Best Viewed with IE 5.01+ Windows NT 4.0, '95,
'98,ME,XP, Vista, Windows 7,8,10 +/ 800x600 pixels

Nov 13-14 ;
Mexico City, Mexico






Contact: editor@petroleumworld.com,

Editor & Publisher:Elio Ohep/
Contact Email: editor@petroleumworld.com

CopyRight © 1999-2016, Paul Ohep F. - All Rights Reserved. Legal Information

PW in Top 100 Energy Sites

CopyRight©1999-2017, Petroleumworld ™  / Elio Ohep - All rights reservedThis site is a public free site and it contains copyrighted material the use of which has not always been specifically authorized by the copyright owner.We are making such material available in our efforts to advance understanding of business, environmental, political, human rights, economic, democracy, scientific, and social justice issues, etc. We believe this constitutes a 'fair use' of any such copyrighted material as provided for in section 107 of the US Copyright Law. In accordance with Title 17 U.S.C. Section 107, the material on this site is distributed without profit to those who have chosen to view the included information for research, information, and educational purposes. For more information go to: http://www.law.cornell.edu/uscode/17/107.shtml. If you wish to use copyrighted material from this site for purposes of your own that go beyond 'fair use', you must obtain permission fromPetroleumworld or the copyright owner of the material.