Ecuador Defends Oil Drilling in Yasuni National Park

Posted on October 22, 2017 • Filed under: Ecuador, Enviromental Issues, Oil

YASUNI PARK, Ecuador (Reuters REPORTED) – 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.

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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. Read Article

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