Ecuador has plenty of unharnessed oil potential, most of it under the Amazon forest

epmag.com /Ricardo Martinez Díaz – Ecuador is not typically the place people think of for booming oil production. Its output has remained stable over the past 10 years due to relatively stagnant exploration activity. But there is plenty of unharnessed potential, and the country’s new administration under President Lenín Moreno is hinting at taking advantage of it.

According to the 2017 BP Statistical Review of World Energy, Ecuador holds 8 billion barrels of proved crude oil reserves, which ranks the country as having the third largest oil reserves in South America after Venezuela and Brazil. However, most of the untapped riches are under the Amazon, namely in the easternmost Oriente Basin. The majority of the resources are believed to be heavy to medium API grade.

MOVING TO ECUADOR – THIS BOOK WILL GIVE YOU AN INSIDE LOOK AT THE CHALLENGES OF LIFE THERE FOR THE EXPAT

Under the previous administration of Rafael Correa, declining oil prices hit government revenues, leading the country to rethink oil dependence. It remains one of Ecuador’s most profitable industries. And the new administration has signaled greater interest by opening the gate to new investments. Read Article